Beatles and their manager, Brian Epstein’s first contract for a $ 275,000 ($ 99.6 million) auction at a London auction, says BBC News.
Signed on 24 January 1962, Paul McCartney, John Lennon, George Harrison, and the original drummer of the band, Pete Best, signed.
The contract entrusts Epstein with the organization of its actions and other activities as well as its agenda and the management of the press.
“Epstein was fascinated by the passion, energy, charisma, and raw sexuality present on the stage,” said Gabriel Heaton, an expert at auction house Sotheby’s auction house.
“The Beatles had the stage energy, but Epstein dropped a bit of professionalism into them. He forbade them to eat on the stage, required them to play the songs exactly and bow at the end of the production,” the expert said.
The document, which is the first of the two contracts between the parties, determines 10 percent of Epstein’s remuneration, which increases to 15 percent if the combined weekly income exceeds 120 pounds. By the way, Paul McCartney had a 20 percent stake in the manager’s royalties.
After Best left the band, another contract was signed on October 1, 1962 with Ringo Starr behind the drums and increased Epstein’s percentage.
Epstein, known as the “fifth Beatle”, died in 1967 in a drug overdose.
The proceeds from the sale of the contract will be used to support London’s Ernest Hecht Charity Foundation.