The Beatles first demo tape -- a 1962 session infamously rejected by Decca Records -- is going on the auction block. The seven-song, two-track mono recording will be up for bid Tuesday (November 27) at the Fame Bureau in London; auctioneer Ted Owen described the tape as "totally unique, and the sound quality is crystal clear" and estimated it will sell for up to $32,000. The tape, which was owned by a Hard Rock Cafe memorabilia buyer, hails from a New Year's Day 1962 session when Pete Best was still the Beatles' drummer; after hearing it, Decca's Dick Rowe declared that guitar-driven rock 'n' roll was "on the way out" and told the quartet it had "no future in show business." The Beatles subsequently signed with EMI and the rest, as they say, is history. The songs on the tape include: "Money (That's What I Want)," "Like Dreamers Do," "Take Good Care of My Baby," "Three Cool Cats," "Love of the Loved," "Memphis" and "Crying Waiting Hoping."
