GNU sed version 4.1.5 seems to fail with International chars. Here is my input file:
GNU sed version 4.1.5
Gras Och Stenar Trad - From Moja to Minneapolis DVD [G2007D
sed is not very well setup for non-ASCII text. However you can use (almost) the same code in perl and get the result you want:
sed
perl
perl -pe 's/.*\| //' x