The original contract which officially created Apple Corporation, signed in 1976, and another contract drawn up and signed eleven days after, are going up for auction by Sotheby’s on December 13th.
Valued at About $150,000
It is expected that the two contracts will earn about $150,000 for their owner, a private collector. The second document is a contract which officially removed one of the then three partners from the deal.
Some feel that now is the right time to auction off these documents, in light of the fact that one of the signatories on the documents, Steve Jobs, died only a few months ago, in October.
“Because of Jobs being so focused on in the news, and his accomplishments, it just seemed like the right time,” said Richard Austin, the head of the Books and Manuscripts department at Sotheby’s.
“People have been reminded of how important and how influential he is – someone who contributed to technology and to social history and had such a profound impact.”
Apple Began with Three Partners
The first contract which was signed created Apple Computer Company. It states that Steve Wozniak and Jobs will each be given 45% of Apple’s shares. The remaining 10% was given to Ronald Wayne, who wrote the contract.
Third Partner Backed Out
Just a few days later, however, Mr. Wayne decided to no longer remain involved in the infant computer company. He was bought out by Jobs and Wozniak for $800, and then another $1,500 later on. His release from his contract is the second contract which is up for auction. Today his 10% share would be worth 2 billion dollars.
In 1994 Ronald Wayne sold those documents to a private collector. It is not yet known if Apple is planning on bidding for the documents.
“Wonderful things always sell and there are wonderful and unique things in this sale,” Austin said.