Have a Spare Million? Beatles Auction Boasts Rare Piece of Memorabilia

Auction house Gotta Have Rock and Roll has a rare piece of Beatles memorabilia ready to sell. The question is, can you fork over what they're asking?

The piece in question: an original hand-drawn advertisement by the Beatles for inclusion in the program for 1967's Monterey International Pop Festival, with bids having now reached the $1 million (yes, that's million) mark. Gotta Have Rock and Roll has placed an initial estimate between $2-4 million, with bidding scheduled to end on April 12 before there was an extension.

One of the premier events in pop music, Monterey Pop (as it became known from the 1968 documentary by D.A. Pennebaker) was a three-day music festival held June 16–18, 1967, at the Monterey County Fairgrounds. Meant to represent the counterculture atmosphere at the dawn of the Summer of Love, the festival is now seen as a major pivot point in rock history thanks to the multitude of awe-inspiring performances that took place there, including timeless sets from the Who, Janis Joplin, Otis Redding and Jimi Hendrix.

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In February 1967, The Beatles were in the midst of recording sessions for Sgt. Pepper's Lonely Hearts Club Band when they were asked to take out a full-page ad for the official program booklet by the festival's art director Tom Wilkes. He contacted the Beatles' former publicist Derek Taylor, who was based in Los Angeles, to set up something if possible.

The Beatles produced the piece of artwork as copy for their ad, and paid approximately $1500 for its inclusion in the front of the booklet. According to the lot description, "In coloured pencils, ink and ballpoint, text in Paul McCartney’s hand, reading "Peace To Monterey From Sgt. Peppers Lonely Hearts Club Band Loving You it happened in Monterey A Long Time Ago Sincerely John, Paul, George and Harold. I Love You", and in John Lennon's hand, "congratulations Elvis. say hello to uncle stan. how are you bob."

The Beatles themselves did not appear at Monterey Pop, nor did some expected names such as the Rolling Stones (though Brian Jones attended), and a scheduled set by The Beach Boys was canceled when the group pulled out. Other musicians such as Donovan, the Kinks and the Lovin' Spoonful had all expressed interest, but ultimately none could appear due to previous and varying drug charges.

The Beatles hand-drawn artwork – Lot #3 – will have a letter of authenticity to verify it's a genuine collectible when it's final bid comes through.