TV enthusiasts, get ready to sell the car or take out a second mortgage on the home--LG Electronics reportedly plans to introduce its first 55-inch OLED (organic light-emitting diode) TV in May.

OK, are you sitting down? Good. The price will be around nine million won, or just under US $8,000, reports Maeil Business Newspaper of South Korea.

LG will begin its OLED TV marketing campaign in Europe before expanding worldwide. The unveiling will take place in France at the Cannes Film Festival that runs May 16 to 27, the report says.

The May launch is earlier than LG officials had originally planned, a move reportedly designed to give the company a head start against OLED TV rivals, including Samsung and possibly Sony.

LG also hopes that the Summer Olympic Games, which take place in London from July 27 to August 12, will boost OLED TV sales.

Ultra-thin OLED TVs feature vivid colors, deep blacks, and superior clarity and contrast that are vastly superior to competing--but considerably less expensive--LCD/LED and plasma TVs, according to tech reviewers who got an eyeful of OLED TV prototypes at the 2012 International Consumer Electronics Show in January.

Samsung is expected to launch its 55-inch OLED TV in the second half of 2012.

OK, but what about that lofty price tag for LG's 55-incher? For $8,000, you could buy three of LG's high-end Cinema 3D LED TVs, and still have a little pocket change left over.

There may be good news for those who wait, however. The price gap between OLED and LCD TVs will fall to about 30 percent in 2013, Digitimes reports. So start saving your pennies for next year.

Contact Jeff Bertolucci at [email protected], Twitter (@jbertolucci) or