The weather outside the Los Angeles Convention Center isn’t exactly red carpet friendly, but after a week of build up and blogging it’s time for the 51st Grammy auction, gala dinner and concerts. Coldplay, Foo Fighters, Faith Hill, Kid Rock, Tim McGraw … they are all here and will provide some of the night’s performances. Jimmy Kimmel will be cracking wise between stage breaks and Neil Diamond (this year’s MusiCares Person of the Year) will wrap things up with a performance.

But before the bubbly starts pouring (at least on camera), we’ve got an auction to cover. One hundred and three lots, many from the personal collection of the late Andy Budde (a producer who worked with The Beatles, Jimi Hendrix, Elton John, Stevie Winwood, David Bowie and others), are ready to find new homes.

The items assembled tonight represent over 70 years of music history from early jazz greats to rock 'n' roll legends. The auction features an extensive amount of Rolling Stones and Beatles memorabilia. Also up for bid are stage-played guitars from David Bowie and Eric Clapton, as well as Frank Sinatra and Elton John signed recording contracts and memorabilia from Bob Dylan. A 20% buyer's premium will be added to the hammer price on individual lots $50,000 and higher, and a 25% buyer's premium on all individual lots of $0-$49,000. There will be an additional 3% buyer's premium charged for lots won on Auction Network.

This year’s 51st Grammy Awards charity auction benefiting MusiCares is airing live on Auction Network … and I’ll be keeping a running diary of all the action.  And before you hear it 100 times tonight, it’s not too late to register and bid. Click here to get squared away and then get back … I’m waiting.

4:39 p.m.: We’re a little over an hour away from auctioneer Daniel (You'll Spend That Much By Mistake) Kruse’s first “sold.” Our host tonight is Tava Smiley (below, right). The rest of the crew includes Leila Dunbar (below, left), former CNN reporter Janine Sharell handing the red carpet interviews and Chris Simon snapping photos, keeping Daniel sedated and wondering if gophers get 1099’ed.

5:00 p.m.: Tava and Leila are on the clock. And Tava has just made the first prediction … bidding will be better than last year. If not, the difference comes out of her talent fee. Hold on, did she just say she was going to imagine Daniel in Britney Spears’ stage-worn dress? I need a drink. It is 5 o’clock, right?

5:21 p.m.: Janine, standing inside the red carpet tent … I told you the weather blew … says that among the celebrities expected to breeze by her include Adele, Eric Benet, Terence Blanchard, the Jonas Brothers, Josh Groban, Jennifer Hudson, members of Urge Overkill, Jimmy Jam, Chris Cornell, Jason Mraz, Brian Wilson, John Stamos, Meatloaf and possibly Sir Paul McCartney. Maybe one or two will even stop. At least while they dry off. I've got $5 that says someone will utter the phrase, "You're all wet." Takers?

5:28 p.m.: Robby Krieger. Al Bundy. Lookalikes? It’s going to be a great night for Leila … she’s on her A game.

5:31 p.m.: Here we go … $275 for the Spice Girls promotional poster for the single "Wannabe" signed by all five members. Not bad considering ... it's the Spice Girls. Little over the pre-auction estimate of $150-$200.

5:34 p.m.: First surprise of the night. Bidding for the Madonna Interview magazine signed by Spears' one-time make-out partner and Andy Warhol, who I don't think ever locked lips with Baby One More Time, jumped to $2,100. Estimate was $1,200. Who’s bidding and who’s scratching?

5:38 p.m.: Guitars usually sell well and the Police signed Stratocaster (lot 4) grabbed $2,750. “Money for Nothing” my butt … the Dire Straits’s signed Brothers in Arms record sleeve (lot 6) sold for $900 (estimate $200-$400).

5:39 p.m.: Slow down Daniel …  I don’t even have time to be a smart ass. Leila is modeling Elton John’s hat (lot 8). Can she drive the price up? The gallery is out at $400. Take a sip and bid … love this guy. Auction Network buyer grabs it for $500. 

5:46 p.m.: The Boss is on the clock. Edited lyrics to “Mary Lou” (lot 10) were a bargain at $1,000. What about the signed Born in the U.S.A. album (lot 11) and Annie Leibovitz's outtake photograph (lot 12)? Born scored $1,700, but Annie should have gotten her gun …  someone stole the photo for $500.

5:49 p.m.: Get those fingers across the keys. Daniel never met a cliché’ he didn’t like.

5:51 p.m.: That was uncomfortable. Daniel wanted $10,000 for James Brown’s worn jacket (lot 17). Bidding starts at $250. Wish I had room on the credit card. Finally it sells for $600. That’s sad.

5:56 p.m.: Not a lot of love for Buddy Holly and the Crickets (lot 19/$970, lot 20/$500 and lot 21/$500). Mark those down in the bargain bin. Surely Stevie Ray Vaughan’s signed $10 (lot 22) can get closer to estimates ($800-$1,200). Waiting. Waiting.

6:00 p.m.: That’s more like it … Stevie’s collectible scores $3,250. 

6:01 p.m.: Earlier in the week there was a panic at Julien’s Auctions when it was discovered that Roy Orbison’s sunglasses (lot 29) were missing. I mean, who could put these in their pocket and get away with wearing them down the street? That look isn’t really in … or is it? I don’t get out much. 

6:04 p.m.: First star sighting … none other than Vince Neal of Motley Crue. It’s not even the pudgy Neal. Come on Vince, get the Crue back in the studio before Tommy Lee goes back to rapping.

6:07 p.m.: We’ve got $2,400 for Roy’s glasses. Come on now. Roy won four Grammys. Show some respect. 

6:10 p.m.: That’s more like it … $6,500 for the glasses. 

6:12 p.m.: The first of 12 consecutive Beatle lots brings $5,000 (lot 30/all four signatures in a record display of the song “Love Me Do”).

6:17 p.m.: Our first bidding war of the night. Some guy with a red bow tie (bidder 627) is going head-to-head with the Internet for lot 32 (all four of the Beatles’ signatures). And he wins for $7,500. 

6:19 p.m.: Room is starting to fill up. Those of you looking for bargains should have shown up 20 minutes ago. I can smell cash. Sip and bid. 

6:20 p.m.: OK … who is the floor bidder in the gold dress with the great smile. Did I just type that out loud?

6:24 p.m.: This Beatles gold matte record for “Hey Jude” (lot 38) should bring some decent coin. Valued at $7,000-$9,000.

6:26 p.m.: $5,000? Are you kidding me? Is it a cash bar in there? 

6:30 p.m.: We nearly passed on the rare original John Lennon and Howard Smith interview tape (lot 42). Out of nowhere … $500.  What can I say other than wow!

6:32 p.m.: There’s the man of the hour … Neil Diamond.

6:39 p.m.: Remember when I said the bargain bidding was over? Yeah, that’s why I don’t work as a palm reader. Not a lot of love for ‘60s items. I mean, a Moby Grape and Big Brother at the Ark poster (lot 50) only goes for $75. You can hardly buy a framed High School Musical poster at the mall for under $100. What’s wrong with people?

6:42 p.m.: Someone give Daniel a $50 bid for lot 54. Bueler? Bueler? Sell it before they change their mind.

6:45 p.m.: I think Tava just had a Jimi moment.

6:49 p.m.: The guitars are still doing well. Pete Townshend’s signed acoustic guitar (lot 60) brings $6,000.

6:53 p.m.: Zeppelin is on the clock. A Jimmy Page photo (lot 65) scores $1,750 (estimate $800) and the bidding is at $4,500 for a signed Led Zeppelin II (lot 66). Estimate was $2,000.

6:55 p.m.: Phone bidder grabbed the album for $8,000. But a copy of Led Zeppelin IV with only three signatures (everyone but John Bonham) only goes for $2,000.

7:03 p.m.: On the red carpet, Meatloaf is telling Janine about his first auction experience in New York City. Did he just say he bid $4 million? Must be nice. It would scare you to know how many times we sang "Paradise by the Dashboard Light" around 1 a.m. on a Friday night in college. It was just one of those things you had to join in on. 

7:09 p.m.: Eric Clapton’s stage-played and signed Fender Stratocaster (lot 76) just sold for $40,000. And now we’re cutting to Josh Groban. Is that a halo I see? Wouldn’t we all like to adopt him? 

7:12 p.m.: Andy Williams is still alive? Good to see him. Glad that wasn’t a trivia question … I’d have lost.

7:14 p.m.: Just a little over 20 lots left. And there’s Pat Boone who is wishing some big names had shown up. Sarcasim mode dialed way up. I still have a copy of Pat Boone: In a Metal Mood. Who’ll give me $10?

7:21 p.m.: Freddie Mercury. I wish that guy was still with us. Hell of a showman. Why am I talking so much about death? Man, this is depressing. I need a hug.

7:24 p.m.: Glad to see the Queen lots (lot 86 and 87) go in bidding wars. Don't want to beg here, but come on guys ... no more Paul Rogers albums. Love the old Bad Company stuff, but mixing Queen and Rogers isn't exactly like mixing chocolate and peanut butter if you get my drift.

7:27 p.m.: I think the National Academy of Recording Arts and Sciences (NARAS) president (Neil Portnow) just bought Neil Diamond’s 1956 white Ford Thunderbird (lot 87a) for $75,000. Can we get a clarification? That's one cherry ride.

7:33 p.m.: Why hasn’t Tava been a bigger star? She’s great. And it’s official that Portnow bought the Diamond car. The two plan on going for a joy ride. Is there a Thelma & Louise sequal brewing?

7:35 p.m.: Is there somewhere Daniel needs to be? We’re flying through the Rolling Stones items. I can’t even keep up. 

7:39 p.m.: My favorite piece in this auction (the Guns N’ Roses album cover pencil art/lot 101) eclipsed my budget by … oh … $5,500.  

7:41 p.m.: The King has left the building with the final lot (Elvis Presley’s worn vest from Spinout). Estimate was $2,000-$4,000 and goes for $2,500.

7:42 p.m.: Hold on. We’ve got a Keith Richards personalized signed Vespa vest. And it goes for $3,000. Jason Marz has caught Janine’s eye (above, right). What we're done? That's it ... 

Gallery: Check out some of the behind-the-scenes action that was captured by Chris Simon:

Chris Greer serves as editorial content manager for Auction Network. He has covered rodeo for ESPN.com, college and professional stick-and-ball sports for whoever had the deepest pockets and entertainment news that’s ranged from New York’s Toy Fair and Ozzy Osbourne’s estate auction to Larry The Cable Guy's Oscar bid and the Oklahoma music scene (yes, there is such a thing).