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    Sale 5397

    Popular Culture: Rock & Pop Memorabilia

    10 July 2008, London, South Kensington

  • Lot 195

    The Beatles

    Price Realised  


    The Beatles
    Four signed carbon copies of a letter dated 19 November, 1966 addressed to The Secretary, The Beatles Limited from each individual Beatle resigning from their contract of employment with The Beatles Limited, each mimeographed typescript document containing the same body of text but with each Beatle's home address, the letter stating ...I refer to the agreement dated the 7th May, 1965, under which I was employed by your company for a period which expired on the 30th June, 1966...I now wish to terminate my employment...with effect from the 30th November 1966., all signed individually in blue ballpoint pen John Lennon, Paul McCartney, George Harrison and R. Starkey (4)

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    As the first stage of the transformation in their business affairs which resulting in the formation of the Apple group of companies, the individual Beatles had to end their formal contracts of employment with their holding company, The Beatles Limited. The group had been advised by their accountants that they needed to invest several million pounds into a new business, or else face a crippling tax bill from the Inland Revenue. As a result, they formed The Beatles & Co. in April 1967, a company that was quickly renamed Apple Corps Limited. Despite their formal nature, these documents mark an important turning point in the Beatles' financial affairs in the 1960s.

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