SQL query to change custom field in WordPress database

Recommend a database backup before you do this.

** updated the statement to specify “Y”, empty string, or null **

global $wpdb;
$wpdb->query( "update {$wpdb->postmeta} SET meta_value="X" WHERE meta_key = 'old_price' AND ( meta_value="Y" OR meta_value="" OR meta_value IS NULL ) );" );