An anonymous buyer purchased Dylan's 1963 Martin D-28 acoustic guitar from Heritage Auctions for $396,000, nearly $100,000 more than its expected top bid.
Larry Cragg, who served as Dylan's guitar repairman, put up the guitar for auction, the Associated Press reports. Cragg purchased the acoustic guitar from the music icon in 1977 for $500; a copy of the receipt was included in the sale along with additional provenance.
"According to Cragg, he has kept the guitar in a humidity-controlled environment, with loosened strings for the forty years it's been in his possession, and it has not been played since it was wielded by Bob Dylan in 1977," Heritage Auctions said of the guitar.
Dylan notably used the guitar while performing at George Harrison's famed Concert for Bangladesh in New York as well as in the mid-Seventies while touring with his Rolling Thunder Revue. In 1977, Dylan decided to perform solely with Gibson guitars and sold the instrument to Cragg.
In 2013, Dylan's sunburst Fender Stratocaster from the 1965 Newport Folk Festival sold at auction for a then-record $965,000.
Watch a video about Dylan's 1963 Martin D-28 acoustic guitar below: