Titled 'The Gay Nineties Old Tyme Music: Daisy Bell', the album will cover 19th century hit 'Daisy Bell (Bicycle Built for Two)' featuring these artists along with Danny Elfman and Nick Cave among others, according to the Hollywood Reporter.
The recordings came as part of an exhibition by pop art painter Mark Ryden.
Penned in 1892 by English songwriter Harry Dacre, 'Daisy Bell' reached popularity through live performances by Katie Lawrence and Jennie Lindsay.
Other artists featuring in the album include, Tyler the Creator, Weird Al Yankovic, and Stan Ridgeway of Wall of Voodoo.
A spokesperson for the gallery said that they anticipate the albums will sell out in "about five minutes."
The proceeds from the sale will be donated for music education among underprivileged children.