Lot 19
  • 19

The Beatles - Michael Jackson

Estimate
10,000 - 20,000 USD
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Description

  • An authorised reproduction of official documents detailing the terms for Jackson's bank loan for acquiring the back catalogue of the Beatles
  • paper
3 volumes, large thick 8vo (11 x 8 1/2 in.; 280 x 215 mm), approximately 1000 pages typescript. Black buckram, spines stamped in silver "Chemical Bank Term Loan to Michael Jackson in Connection With The Acquisition of Northern Songs Limited, ATV Music Limited and Certain Affiliated Corporations. September 4, 1985. Jerome S. Smith." Accompanied by a typed letter signed by Jerome Smith, Vice President of the bank during the time of the loan, concerning the provenance.

Provenance

Christies South Kensington, 15 November 2011, lot 69 (unnamed consignor)

Condition

clean
In response to your inquiry, we are pleased to provide you with a general report of the condition of the property described above. Since we are not professional conservators or restorers, we urge you to consult with a restorer or conservator of your choice who will be better able to provide a detailed, professional report. Prospective buyers should inspect each lot to satisfy themselves as to condition and must understand that any statement made by Sotheby's is merely a subjective qualified opinion.
NOTWITHSTANDING THIS REPORT OR ANY DISCUSSIONS CONCERNING CONDITION OF A LOT, ALL LOTS ARE OFFERED AND SOLD "AS IS" IN ACCORDANCE WITH THE CONDITIONS OF SALE PRINTED IN THE CATALOGUE.

Catalogue Note

The purchase loan for the Beatles catalogue by Michael Jackson.

"Northern Songs" was a company founded in 1963 to hold the publication rights to the majority of songs written by Lennon & McCartney, George Harrison, and Ringo Starr. In 1968, the major shareholder (Dick James) sold his shares to ATV Music Publishing (Lew Grade), without the Beatles' knowledge or power to prevent it. ATV was then sold to an Australian industrialist (Robert Holmes a Court), in the early 1980s, who put the catalogue up for sale. At about the same time, Paul McCartney was advising Michael Jackson, during their musical collaboration, of the financial value of investing in music publishing. Though McCartney and Yoko Ono were offered the opportunity to purchase the catalogue, Jackson became the new owner, after negotiating this complicated loan agreement with Chemical Bank.