Madonna Rejection Letter for Sale

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A bad career move may turn a small profit on Wednesday, when a music executive's rejection letter to Madonna -- sent when she was on the verge of hitting the big time -- goes on the auction block at Sotheby's London. The suggested price is $2,800. The sale, reports Reuters, is part of a two week-long online auction of Madonna memorabilia assembled by Bob Schagrin, owner of the New York collectors' shop Gotta Have It. Sotheby's said that the letter, sent on an unspecified date by one Jimmy Lenner, would appear in a lot that includes the rock diva's career resume and a demo tape. "I do not feel that she is ready yet, but I do hear the basis for a strong artist. I will pass for now but I will wait for more," said part of the letter. Other Madonna items to go on the block include postcards, other letters, stage bras and an electronic keyboard used in her hit song "Into The Groove."