Beatles Contract Could Fetch £500000

It is the only management document signed by the final Beatles line-up of John Lennon, Paul McCartney, George Harrison and Ringo Starr, plus manager Brian Epstein.

The Beatles first management contract, signed with long-term manager Brian Epstein, is going up for sale at Sotherby’s Rock and Pop auction, and may make as much as £250,000. It was signed by the five on October 1 1962, just four days before the release of first single Love Me Do.

The contract goes on sale at Sotheby’s on 29 September.

‘Without this contract, and the relationship it represents, it seems inconceivable that the Beatles could have achieved all that they did, ‘ said Sotheby’s books and manuscripts specialist Gabriel Heaton. The contract is considered famous not only because of it being their first contract, but also because of the story behind it. Paul McCartney reportedly annoyed Epstein by attending a meeting late because he was taking a bath. Before this contract, the band had signed another document, but when Best left, the contract now on the market became their new legal agreement. At the time of signing, both McCartney and Harrison were under the age of 21, so their fathers’ signatures also appear on the document.

It reveals several quirks – including that Epstein was only appointed manager for five years.

The terms of the deal granted Epstien 10% commission on the group’s earnings up to £400 a week, 20% between £400 and £800, and 25% for anything more. Another amendment made it possible for the band to vote out another member if two or more of the Beatles wanted them removed from the Fab Four.