Contract Apple Computer Co sold for $1.59 million

Apple's founding documents have sold for ten times their estimated price at a Sotheby's auction, fetching $1.59 million. The original Apple partnership agreement was signed by Steve Jobs, Steve Wozniak and Ron Wayne on April 1, 1976. That document gave the two Steves 45 per cent shares in the company and awarded Wayne ten per cent.

Apple's three founders, Steve Jobs, Steve Wozniak and Ronald Wayne signed the papers on 1 April, 1976. There was also an amendment when Wayne quit 11 days later. A three-page contract that established Apple Computer Co. (AAPL) sold for $1.59 million at Sotheby’s (BID) in New York today, soaring past the presale estimate of $100,000 to $150,000. Six telephone and online bidders competed for the lot, which finally went to Eduardo Cisneros, chief executive officer of Cisneros Corp., according to Sotheby’s.

The contract, signed on April 1, 1976, by Steve Jobs, Steve Wozniak and Ronald Wayne, was initially owned by Wayne, who met Jobs while working at Atari Inc. Wozniak, a friend of Jobs, worked at Hewlett-Packard Co. (HPQ) Jobs enlisted Wayne to persuade Wozniak to join Apple. His success in doing so earned Wayne a 10 percent share in the new company. Eleven days after signing the contract, Wayne withdrew as a partner. Wayne received $800 for relinquishing his 10 percent ownership of Apple, according to the document. Based on Apple’s market capitalization today, Wayne’s 10 percent stake would be valued at more than $36 billion.
Jobs died at 56 on Oct. 5.