Almost three decades after the death of Irish guitar legend Rory Gallagher, his iconic 1961 Fender Stratocaster, and the rest of his instrument collection, is heading for auction.

The live auction is being presented by Bonhams at New Bond Street in London on October 17, and will feature "an exceptional selection of guitars, amps and accessories from Rory Gallagher's life and career", including what is described as "arguably the most recognisable Strat in rock history."

The estimated value of the famous guitar is around £1m, according to RTÉ.

"Since 1995, I have always felt that there was a mission to be fulfilled to cement Rory’s legacy and further widen the knowledge of his music," comments Rory's brother and manager Dónal Gallagher. "So, following much deliberation and reviewing of all options, in what is one of the most difficult and sensitive decisions to reach, I have decided to facilitate the release of his instruments for sale, so that these emblems of his legacy can be enjoyed by others.

"It is difficult to separate or even begin to quantify the depth of relationship Rory had with his instruments," he continues, "this decision is one I recognise as challenging for some, however, with the proceeds raised from this instrument sale we will continue to do further good for Rory’s name and legacy, as well as assisting good causes, that my brother would have supported.”

Rory Gallagher's 1961 Fender Stratocaster. Credit: Bonhams

Dónal previously spoke to Hot Press about the day in 1963 that Rory purchased his famous Strat in Crowley's Music Store on MacCurtain Street in Cork.

“The guitar was sitting in the window, it had pride of place there. Rory brought me down and he explained to me that it was similar to Buddy Holly’s guitar – it was his ambition at the time to have a guitar just like Buddy Holly. I think every guitarist wanted one. To me, the contours and the shape of the instrument – it’s a classic shape is similar to something like a spaceship. It wasn’t what I had imagined, we were so used to the round shape of a guitar and electronics were such a new thing. We couldn’t understand how the sound could come from it. It was love at first sight. It was destiny.”

Dónal went on to reveal that his brother almost didn’t wind up with the guitar at all.

“That Strat was a little star in its own right, one of the first imports into Ireland back then. It had been imported for Jim Conlan, the lead guitarist in The Royal Showband. There’s actually footage of Jim playing Rory’s Strat, before it went into Rory’s hands. So it was quite a well-documented guitar.

“Jim wanted to change the colour to match the band’s uniforms: he wanted a salmon-coloured one like Hank Marvin, but he traded it in because it used to take between three and six months for a guitar to be imported from America. So the Strat wound up being sold as a second hand instrument for £100.

“Rory prevailed,” he continues. “He was playing a Rosetti Solid 7 at the time, worth about £12. He talked Michael Crowley into extending the credit payments – it was hire purchase in those days – and that my mother had signed that original agreement. I was standing there thinking, ‘God, this is going to send us to prison!’

“My mother came over and he convinced her that if he got the guitar, not only could he play lead guitar, but he could play rhythm at the same time and therefore could play in a band that required only one guitarist. He was quite correct – and it served him extremely well.”

The Irish Examiner, meanwhile, have reported that the Lord Mayor of Cork, Dan Boyle, is among those who have called for the famous guitar to remain in Ireland.

"It is totemic, especially for Cork," he said, noting that it "should be pride of place here."

"It's hoped that whoever gets to acquire it would make it available publicly in Cork," he added.

For more about the auction, see here.