That is truly tragic...and why I buy as many original or as near as can be pressings of the old standards when I can find them, whether on Ebay or thrift stores. Once gone they are gone. 
I have copies of all the originals so if you are interested, let me know.  I will be giving them away at only $999.99 per copy!

Post removed 
I think film preservation is somewhat ahead of the efforts of the music industry. Googling film preservation shows a long standing effort. Celluloid is notorious for it's degradation and I recall temperature controlled vaults being built a long time ago, along with archival steps.

All the best,
Read the article yesterday via internet.  Tried to buy a record mentioned-all sold out.  Imho, the advent of the CD changed a lot of the music business models.  Some older artist's catalogues became gold, some not so much.  We will never know the complete loss.  Agree with Dramatictenor, I don't care about your politics, just the Music.