AceShowbiz -

The Beatles' first audition tape, which was recorded in 1962, will now be put on auction in London on November 27. The 10-song demo was originally recorded at Decca studios in Northern London but was rejected by its executives and will now be on sale with bids starting at $29,000.

Original band members, John Lennon, Paul McCartney, George Harrison, and Pete Best, went from Liverpool to London to arrive at Decca studios on New Year's Eve 1962 and record a demo tape in the hopes of getting signed by the record label.

However, Decca's senior artist and repertoire (A&R) representative, Dick Rowe, rejected the audition tape and later said to then Beatles manager, Brian Epstein that, "Guitar groups are on their way out, Mr. Epstein." Rowe's rejection is today considered by many in the music world to have been the worst business decision ever.

The Fame Bureau, which is an auction house focusing on pop items and memorabilia, will facilitate the auction of the audition tape next week. Bureau representative, Ted Owen, said to Reuters that what they thought would sell the tape is its superior sound quality.

"The most important thing about this is the quality," explained Owen. "There are bootlegs out there, horrible bootlegs - some are at the wrong speed, others are crackily and taken from a cassette off an acetate (disc). This quality we have never heard," he added.