A poster designed by John Lennon and Paul McCartney for the 1967 Monterey Pop Festival has sold for $175,000.

The poster was sold by Beatles specialist Rockaway Records. The second-hand store is based in Silver Lake, Los Angeles and it says it is its biggest sale to date.

The announcement of the sale was made on Twitter, posting alongside a photo of the hand-drawn poster.

McCartney was a member of the governing board for the festival that hosted performances from artists including Jimi Hendrix, Janis Joplin and Jefferson Airplane.

The "Peace to Monterey" poster has special interest as it was conceived while the band were recording Sgt Pepper's Lonely Hearts Club Band and the colorful piece includes the album's title.