The audition tape that failed to win the BEATLES a deal with record label Decca in 1962 is up for grabs at auction in London.

Paul McCartney, John Lennon, George Harrison and drummer Pete Best recorded the demo on New Year's Day (01Jan) under the name The Silver Beatles in the hope that it would help them land a lucrative recording contract - but Decca executive Dick Rowe infamously turned the Fab Four down.

Now, the 10-song tape is set to hit the auction block, and it's expected to fetch over $30,000 when bidding starts next week (beg26Nov12).

However, the winning bidder won't be able to release any of the tracks as the Beatles still own the copyright to the songs.