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Do you have this $354,000 vinyl record in your garage?

The Beatles' John Lennon, Olivia Newtown-John and AC/DC's Brian Johnson, all performers of the most valuable vinyl records in existence.

Music is bought and sold digitally these days but there was once a time when Australians carried massive, delicate discs home for their aural pleasure.

And as original vinyl records become more scarce as the years pass, their rarity is pushing up their value to incredible levels.

Now life insurance firm Noble Oak has revealed one particular record can now fetch an amazing $354,000 on the market.

If you have That'll Be The Day by UK band The Quarrymen in your attic, congratulations – you have a very valuable asset.

Unfortunately, you probably don't have it. There is only one copy of the 1958 disc in the entire world.

"The Quarrymen – then including members Paul McCartney, John Lennon, and George Harrison – shared the record for a while, with McCartney finally buying it from Duff Lowe in 1981," stated the report.

Record collectors might have a better chance with the second most valuable disc on Noble Oak's list – a special edition of The Beatles smash hit Sgt. Pepper's Lonely Hearts Club Band worth $123,900.

"To celebrate the Christmas of 1967, a special sleeve of this bestselling Beatles LP was printed, featuring Capitol Records executives on the front cover. Only 100 copies were made and distributed to the executives and various lucky friends."

The Beatles, unsurprisingly, feature twice more in the top ten:

(Image: Noble Oak)

Most valuable Australian-release vinyl records

Australian readers might have a better chance of owning one of these records from AC/DC, The Bee Gees and U2, who released the three most valuable discs in the local market.

AC/DC's 1974 debut single Can I Sit Next To You, Girl would now fetch $4,000. The Bee Gees' self-titled EP would nab $3,500, while a specific version of U2's Pride (In The Name of Love) is one of the "most sought-after U2 collectables" in the world.

"Pressed on clear vinyl, it's believed there are only 50 copies in existence," stated Noble Oak's report.

(Image: Noble Oak)

Meanwhile, Australian superstar Olivia Newtown-John's original Xanadu soundtrack album ranks number 17 in the worldwide rankings.

Remarkably that record is worth $8,850 because only 31 copies now exist.

"This picture disc was destined to be given away promotionally, but Newton-John found the main photo so unflattering that she pulled the release," the report stated.

Only 31 copies are now known to exist of this Xanadu picture disc. (Image: Noble Oak)

How to invest in vinyl records

While collectables are always a bit risky as reliable investments, there are some basic rules one can follow, according to Record Collector magazine editor Ian Shirley.

"The key thing is condition. Buy as close to mint as possible and avoid rare records that are in poor shape unless you can pick them up cheaply," he said.

"Also, look at artists and genres that have headroom for future growth. Areas like rare jazz, soul, stoner rock, heavy rock, funk, boogie, disco, punk, new wave, hardcore, electronica, grunge progressive rock, reggae and psychedelia are examples of areas with records that people seek."

But big name artists can be profitable too, if one can find a rare edition.

"It is very hard to find mint and un-played copies of some of them. There are even records by Crowded House and Midnight Oil that are collectable as well as small run independent Australian singles pressed in the 70s, 80s and 90s."

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