The Prince recording was taken when the singer was just 17

Featuring the pop star as a 17-year-old at the Cookhouse Studios in Minneapolis it did not meet its £347,000 reserve.

An autograph by John Lennon, believed to be the last before his death, also failed to reach its reserve of £82,000.

At £41,200, the highest selling lot in the Rock Legends online sale from Cooper Owen, was the copyright for a series of 18 Jimi Hendrix artworks.

The artwork itself was sold last year.

An early out-take recording by Hendrix also fetched £20,000 on Wednesday.

The studio tape, still in its original box, included a version of Burning of the Midnight Lamp with the lead guitar at a higher level than the other tracks.

Other items featured included a pair of trousers owned by Sir Elton John; a shirt owned by Elvis Presley; an early Buddy Holly acetate and a Tina Turner touring wardrobe case.

Investment

Ted Owen, co-founder of the Cooper Owen auction house, said before the auction that the Lennon autograph had generated a "lot of interest".

Mr Owen said: "We have got some very unusual pieces.

"The interesting thing about the auction is the intellectual copyright with the Prince tapes and Jimi Hendrix tapes, which is quite unusual.

"More and more, copyright is becoming one of the major collectibles: back catalogue and copyright seems to be high on the agenda as an investment.

"Both of the items you can reproduce in perpetuity and make money out of - and get your investment back."