A spectacular haul of Bob Dylan memorabilia, including early drafts of the singer and songwriter’s number 1 hit “Mr. Tambourine Man” and an original oil painting, will soon go under the hammer.

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The early drafts of Bob Dylan’s 1965 chart-topper “Mr. Tambourine Man” sold this weekend for more than $500,000, according to Julien’s Auctions, the California-based house that facilitated ...