GEORGE's MASTERSOUND ELECTRIC GUITAR GOES ON AUCTION

A guitar played by George in the Beatles' early days, previously on display in a British museum, goes on auction in New York Friday, valued at $400,000 to $600,000.

The electric guitar is the two-day auction's star item, amid hundreds of possessions once owned by rock 'n' roll's biggest stars, which auctioneers hope will rake in millions.

George borrowed the guitar while his was under repair and was photographed and filmed playing it at concerts, said Martin Nolan, executive director of Julien's Auctions.

"It was played by Harrison in the Cavern Club in the early 60s," said Nolan, referring to a Liverpool nightclub that gave birth to the world's biggest band.

"That is a really iconic piece, highly sought after. The estimate is $400,000 to $600,000 but I think it goes a lot higher".

The guitar is being sold by a collector in Britain who had loaned it to the Beatles museum in Liverpool, where it became a "great draw," Nolan said.

"Even the new owner may decide to lend it back to them."

The New York auction will potentially draw fans, celebrities and museums, as well as Wall Street bankers and hedge funds looking for an investment.