Michael Jacksons financial moves can be as quick as his dance steps. Once the singer found out this spring that his back was not against a wall of debt, he did a u-turn on a planned memorabilia auction, deciding he needed that famous white glove more than he needed the cash it might have brought.

Jackson being Jackson, his about-face was not without drama. On March 3, seven weeks before some 1,400 of his personal belongings were scheduled to be auctioned at Beverly Hills, Calif.–based Julien’s Auctions, Jackson sued, unsuccessfully, to stop the sale. When that didn’t work, he bought his way out of the deal. Darren Julien, president and chief executive of Julien’s, claims that at one point in the negotiations Jackson threatened his life.

The auction, which was scheduled to take place tomorrow through Saturday, would have included decorative arts, furniture, memorabilia, arcade games, Disneyana, and garden statuary from Jackson’s Neverland Ranch. The suit claimed Julien had stolen the items from Neverland and that the singer didn’t know they were intended for auction.

Julien’s response was the same as anybody’s might have been: “We’re an auction house,” he told ARTINFO. “Why else would we be involved this whole time?”

What might have changed Jackson’s mind about the auction was the rapid sellout of a comeback tour, scheduled for July, which will replenish the King of Pop’s coffers, depleted by, among other things, a 2005 legal battle over child molestation charges. Jackson was acquitted, but faced with fees running into the millions of dollars, he seemed to be casting about for ways to raise funds, and the auction was one route.

The singer and his manager/spokesman, Tohme R. Tohme, had arranged the auction last year, and both had approved the press release announcing the sale and the catalog, Julien said. “We still don’t understand why he filed the lawsuit. They sued us for doing what they hired us to do.”

Julien won the court action but ultimately decided to let Jackson out of the sale — for a price, which he would not disclose — in order to maintain good relations, he says.

“We work with a lot of high-profile clients. Regardless of whether or not the claims had merit, it is in our best interest to work this out,” he added.

So Jackson fans won’t get a chance to own the glove or the gates to Neverland — though they can still see an exhibition of the goods through April 25 at a space adjacent to the Beverly Hills Hilton. After that, Julien will move on to other high-profile clients who actually do want to sell their stuff. As for Jackson & co., “What they do after that time is on their own,” he said. “We won’t be involved.”

Julien, who called the aborted Jackson sale “the greatest auction that never was,” estimates it would have raked in $10 million from collectors who gobble up entertainment memorabilia for investment or adoration. He insists, however, that the auction house did not take a big hit from the cancellation because it got the publicity and prestige of putting together the catalog and exhibition. “The only ones who lose out are those who wanted to bid on the items,” Julien said, adding that there had been much interest from Jackson fans, major museums, and investors looking to diversify their portfolios.

“Michael had expensive taste, so a lot of these items are pieces that are one-of-a-kind,” Julien said. “Even if you take Jackson out of the equation, these are still highly collectible and sought-after items that have significant value because of what they are.”

Usually collectibles associated with celebrities don’t gain much in value until the person dies. “Jackson’s one of the few celebrities who get to be alive to see their iconic status and collectibility,” Julien said. He ranked only Elvis Presley and Marilyn Monroe as equally famous.

Auctions of entertainment memorabilia can rake in the big bucks. Christie’s claims to hold the world auction record for personal property for the sale of the dress Marilyn Monroe wore when she sang “Happy Birthday” to President John F. Kennedy at Madison Square Garden in New York in 1962. The price tag: $1,267,500. The auction, which was dedicated to Monroe’s personal property and took place in 1999, garnered more than $13 million.

And the value of these items keeps rising. Julien said that two pairs of Monroe’s shoes, which a collector bought from Christie’s for $3,000 in 1999, sold for around $15,000 per pair several years later.

In such auctions, the most iconic items tend to be the most popular. For Jackson, potential bidders showed the most interest in the crystal white glove and the gates to Neverland. Although the glove carried a presale estimate of $10–15,000, Julien says there was interest at more than $400,000. “You always underestimate because you want to generate excitement and you want bidders from all over the world,” Julien explained. “It only takes two people around the world who want the same item to drive the price to record levels.”