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Auction set for Dylan's electric guitar from Newport Folk Festival

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The electric guitar that shocked the music industry in 1965 is going on the auction block.

The Associated Press reports that the Fender Stratocaster Bob Dylan used at the 1965 Newport Folk Festival is expected to fetch as much as $500,000 when it goes up for bids at Christie's Auction House in New York City Dec. 6.

Rolling Stone says the Minnesota music icon's appearance with the electric guitar is one of the most notable events in music history. Dylan's three-song set at the Rhode Island festival was famously met by boos from folk purists in the crowd, who branded the musician a traitor.

The AP says the classic, sunburst-colored guitar with original flat strings has been in the possession of the Vic Quinto family in New Jersey for the past 50 years. Dylan reportedly left it in a private plane owned by Quinto, who was a friend of the musician's manager.

Rolling Stone reports the late Quinto's daughter, Dawn Peterson, received legal clearance to put the guitar up for sale last summer.

Peterson's attorney told Rolling Stone that he couldn't go into specifics about the agreement, but he could disclose that "Mr. Dylan will participate in the sale to the extent that he will be signing off on any ownership interest after the sale."

Both sides in the case wouldn't say if Dylan would be sharing in the profits from the eventual sale.

Rolling Stone reported in 2012 that experts confirmed the instrument did indeed belong to Dylan.

Peterson sought the help of the PBS-TV show "History Detectives" to help verify the authenticity of the guitar.

"History Detectives" also helped the woman with the auction process, Rolling Stone said.

In addition to the guitar, Christie's will auction off five lots of hand- and type-written lyric fragments -- some from early versions of classic Dylan songs -- found inside the instrument's case. The AP says the lyrics have a pre-sale estimate value of $3,000 to $30,000.

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