In 1970 the Beatles split up. The official dissolution of the band, however, did not take place until four years later and was contractually recorded. This contract is now to be auctioned off.
One of the most historic documents in music history will be auctioned off on June 30th. The expected retail price is half a million US dollars. The starting bid is $110,000.
The valuable document is a contract between the four members of the Beatles and Apple Corps Limited – a company founded by the band in London in January 1968. It is also the parent company of Apple Records, the Beatles’ record label at the time.
Although the Beatles were already separated when the contract was signed, the band could not come to an internal agreement financially. As a result, on December 29, 1974, the ex-Fab Four signed a document officially ending their collaboration under the band’s name. It is signed by all four members, twice by John Lennon and George Harrison, who serve as directors of Apple Corps, and contains five clauses on two pages of text.
The certified letter confirmed the “dissolution of the partnership” and granted Lennon, Harrison, Paul McCartney and Ringo Starr freedom to pursue their solo careers (long underway) alone and individually, while all matters affecting the Beatles’ finances were resolved unanimously had to be approved.
In a 2008 interview with The New York Times, May Pang recalled the Beatles’ official breakup. She worked for John Lennon and Yoko Ono as a personal assistant and production coordinator, and was briefly involved with Lennon.
The friendship was still there. They were brothers. There was no animosity. And even though they all thought they had to go their separate ways to take the next step in their musical careers, John had formed this band that changed the world… So when he sat down to sign, he knew it was that end was. His signature was the last. Since he started the group, it was up to him to end it.
The termination agreement is now being auctioned off. The auction runs live until June 30th Gotta Have Rock and Roll.