Recorded in 1966, the acetate contains several songs later featured on the band's debut album, The Velvet Underground & Nico. The acetate is one of only two copies known to exist, with VU drummer Maureen Tucker in possession of the other copy.

The seller, who wishes to remain anonymous, purchased the acetate in 2006 in an eBay auction. "I bought it for $25,200, which, in my mind, was extremely undervalued for what the record was," he told Rolling Stone.