Jimi Hendrix's PPX contract is estimated to make $200,000 at Sotheby's

Jimi Hendrix's infamous PPX contract from 1965 is among the top lots at Sotheby's Rock & Roll History auction in New York on June 24 with an estimate of $100,000-200,000.

The lot, thought lost for decades and only recently rediscovered, locked Hendrix in to recording exclusively for the company for three years with an advance of just one dollar, and gave the company the rights to all future material.

Hendrix PPX contract
Hendrix would later regret signing the PPX contract

The man behind the contract, Ed Chalpin, was introduced to Hendrix by Curtis Knight and recognised his talent immediately.

Hendrix famously signed on the dotted line without even reading the terms, a decision that would cause him enormous problems further down the road.

His girlfriend Faye Pridgeon would later state: "He would sign a contract with anybody that came along and they had a dollar and a pencil."

Once Hendrix hit the big time, a lengthy court battle between Chalpin and new label Warner/Reprise would ensue with Hendrix missing out on royalties from album sales and being forced to record an album exclusively for PPX.

In order to recoup funds he would tour relentlessly. The stress of the situation would exacerbate his drug use.

The sale will also feature Lennon's Vox guitar organ and the original lyrics to Bob Dylan's Like a Rolling Stone.

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