The original document firming up the agreement for the Beatles to be managed by Brian Epstein, which was signed by all four members and Epstein, will be auctioned Sept. 4 in the UK, reports the BBC and the Canadian Press. It is expected to sell for £250,000 (roughly $475,325 USD), though auctioneeer Fame Bureau estimates the value at £300,000-£400,000 $600,000-800,000 USD. Epstein didn't sign the contract until eight months after the Beatles did, waiting to fulfill a promise to get the group a record contract. The signatures of Paul McCartney and George Harrison are augmented by their respective's fathers' signatures since they were under 21 at the time of the signing and needed the consent of their parents.
Here's the auctioneer's description from their website:
On October 1st 1962 Brian Epstein handed the four Beatles a revised management contract. Their previous management contract with Epstein had been signed by all four Beatles on the 24th January 1962 but Epstein's signature had been absent. Epstein commented in his memoirs that he deliberately refrained from signing the first contract to give the Beatles the ability to walk away from the agreement, if he did not fulfill his promise of a major recording contract for the young band. It is likely that the Beatles at that time , were never aware of the advantage Epstein had given them On the 1st October, however, Epstein signature was firmly on the contract, with a recording deal with EMI already established and the first single 'Love me Do' about to be released, Epstein now felt he had fulfilled his role and was about to reap his rewards in the form of 25% of the gross earnings of the band. The Beatles signed the agreement alongside Epstein thereby appointing him there manager for the following five years. It details Brian Epstein's obligations amongst others as:- undertaking all necessary advertising and publicity for the artists including publicity in connection with gramophone records..... To advise the artists on all matters concerning clothes make up and the presentation and construction of the artists' acts and also on all music to be performed in the course of, or in connection with such acts....
Included within this historic document are the signatures of Both Harrison and McCartney's fathers, required, as both young Beatles were under the age of 21. The Management Contract also contains two signatures by John Lennon , who, inadvertently signed in the wrong place and realising his mistake has struck through the first signature and signed again in the correct position.
This contract was later updated by a supplementary agreement signed,again, by all parties on the 22nd January 1963 and is included with this lot.
The revision removed the clause allowing either party to terminate the agreement with three months notice. All signatures on both the revised management contract and the supplementary agreement are accompanied by a bold red wax seal and the signatures of the attending witnesses. This incredible document established the most famous manager/group partnership in the music world and is itself a part of both music and British history.
Estimate GBP300,000-400,000 USD600,000-800,000
The auction will take place at Idea Generation Gallery. Other items to be sold include a piano used to record "Hey Jude."
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