The independent music community will collectively plant its flag in the sand on the fourth of July for an international "Independents Day" series of festivities.

The inaugural weekend-long event is an initiative of the Worldwide Independent Network, whose representatives unveiled the initiative this morning during a media gathering at the opening session of the Midem trade fair. National trade bodies and their member labels in at least 10 territories will participate.

Highlights of "Independents Day 08" will include an international online auction of music memorabilia, and the release of a one-off compilation album. Money raised from the project, explains WIN president and AIM chair Alison Wenham, will be ploughed back into the independent community.

Lots for the auction include a Thom Yorke signed CD, a rare Interpol 7" box set, drum sticks signed by AC/DC drummer Chris Slade, and autographed Breeders/Pixies singer Kim Deal souvenirs.

"We want to turn what we have in our closets and dustbins into gold," comments Peter Gordon, VP of WIN and president of Thirsty Ear Recordings.

Each market involved in the project will host a physical event to spotlight what organizers hope will be the largest ever musical auction of its kind.

The album will pool-together works donated by some of leading lights in the independent world, and will only be available to buy during the "Independents Day" four-day festival. "It will be an album like no other," Wenham declares.

eMusic CEO David Pakman says his digital music service is fully committed to "Independents Day." "Every one of our customers will know about it," he tells Billboard.biz. "We will decorate the site in the lead-up."