46 years ago today Dick Rowe made a bad decision.
Indeed it turned out to be one of the worst business decisions ever. It’s believed to have cost Dick’s company in excess of £1 billion over the last 46 years.
Dick was an executive at Decca records. He is the man credited with turning down The Beatles.
“Guitar groups are on the way out Mr Epstein”
Those were Dick’s famous words. (Dick did make amends later by signing the Rolling Stones)
Brian Epstein was The Beatles’ manager at the time. He had also approached EMI’s marketing executive Ron White. Ron also said ‘No’. Two other EMI producers also declined. A fourth EMI producer – George Martin - was on holiday at the time.
It was George Martin who later went on to sign The Beatles.
The Beatles were the biggest band in the world.
- They set new records for stadium attendances.
- Their song ‘Yesterday’ is the most covered song in history.
- They have the fastest selling single of all time.
- They had more number one singles than any other group.
And believe me – they are as popular to this day.
John Lennon was 3rd on the Forbes list of highest earning deceased celebrities last year. $22m in 2006.
George Harrison was 10th.
Just last week, a lock of John Lennon’s hair sold for £24,000 at auction.
Look at their individual autograph prices: John Lennon’s autograph is up 714.8% in the last 10 years. George Harrison up 1014%, McCartney up 1020%...
There is a demand worldwide for Beatles memorabilia. And quite simply: The Beatles, as a group, are not in a position to sign anymore.
We say if you get the opportunity to buy world class Beatles memorabilia then you should jump at the chance. The pride of ownership is immense, but the investment potential could be even greater.
We have just the item for you today...
“The Beatles’ break-up letter”
We have a one off historical document relating to the break up of the world’s biggest music group. It’s universally known as The “Beatles’ break up letter.”
The band’s business affairs began to unravel following the death of Brian Epstein.
McCartney wanted his father-in-law Lee Eastman to manage the Beatles. But the other three members wanted New York based Allen Klein as manager.
It was a turning point for the band. It marked the beginning of the end.
In the past their decisions had been unanimous, but this time they could not agree.
Lennon, Starr and Harrison felt that Lee Eastman would put McCartney’s interests before those of the group.
There were well documented problems within the group.
There was a feeling that McCartney had become too domineering, that Yoko Ono was causing divisions.
On 29th January 1960 Ringo Starr and George Harrison wrote to Sir Joseph Lockwood, the head of EMI music.
“Dr Sir Joseph, This is to inform you that Alan Klein is also acting on our behalf, and request you to give him all information and co-operation concerning our business affairs”
Just 31 words. But 31 words that would subsequently break the hearts of millions of fans around the world.
The letter marks the split in management of the group that led to the group breaking up legally. The very next day...
Just one day after writing the letter The Beatles played their last ever public concert, 30th January 1970, on the roof of No. 3 Saville Rowe, London, the headquarters of their ‘Apple Corps’ company.
Of course by then John, George and Ringo already knew the letter had been posted.
While the band was playing what was to be their last live concert, their neighbours were complaining to the police about noise levels.
The Group later pointed out they were disappointed not to have been arrested – pointing out that being hauled away in handcuffs would have been an “appropriate ending”.
The irony is John, George and Ringo split with Allen Klein just three years later... suing him for the disappearance of £5m from The Beatles’ holdings.
Our letter is dated just one day before the last ever live performance of the band. The letter details how they wished to change management; it is signed by two of them.
This letter is universally known as ‘The Beatles’ break up letter’ with good reason.
It’s a superb piece of music history relating to the world’s biggest ever band.
Individually the members of the band have proven to be excellent investment.
We’re already into the next round of significant Beatles anniversaries. 50 years ago Lennon and McCartney met for the first time.
20th September 2009 will be the 40th anniversary of John Lennon announcing his departure to the group.
There will be plenty more anniversary reminders in the next few years.
We recommend you buy Beatles memorabilia whenever you can. Especially world class pieces like this.
Remember Paul Fraser? He’s our resident expert and an acknowledged world expert on all things Beatles.
I’ll leave the last word to him:
“The Beatle’s are one of the few things people in the trade do not argue about. Everyone loves them. Everyone wants them. Beatlemania still exists. Only now the people with the bug aren’t teenagers...they are rich collectors around the world.”
Happy investing!
Adrian Roose
+44 (0) 1481 708 277
aroose@stanleygibbons.co.uk
www.stanleygibbons.com/investment
