The adapted artwork for the Sgt Pepper's Lonely Hearts Club Band album is worth about ??70,000.
It was created to celebrate the success of the record - released in June 1967 - for Christmas of that year.
The artwork is one of five Beatles album sleeves to feature in the top 10, compiled by Record Collector magazine.
Sir Peter Blake's original Sgt Pepper collage was doctored to replace the faces of The Beatles and other notable figures with those of executives from the band's US label Capitol.
Only about 100 are thought to have been made.
'Main attraction'
In second place, valued at ??7,000, are the first 10 numbered copies of the Beatles' self-titled 1968 record, which became known as The White Album because of its plain white cover.
The band's name was embossed on the front of the sleeve, which was designed by pop artist Richard Hamilton, along with a unique stamped serial number.
In third position was a pair of sleeves designed by Andy Warhol.
Madrigals' 1953 work Magic Key To Spanish Volumes 1 and 2, and spoken word anti-crime lecture The Nation's Nightmare, from 1951, have been valued at ??3,500 and ??3,000 respectively.
At number four was the bizarre US-released compilation album Jolly What! England's Greatest Recording Stars: The Beatles and Frank Ifield on Stage.
The 1964 album, featuring the songs of both the Fab Four and crooner Ifield, is valued at ??3,000.
The Beatles  were also in eighth place for the original album sleeve created for the US release of their Yesterday And Today record in 1966, which is valued at ??2,000.
Known as "the butcher sleeve" because it featured the musicians posing with dismembered doll parts and slabs of meat, it was quickly withdrawn from the US market.
List compiler Ian Shirley, editor of the Rare Record Price Guide 2012, said: "While pristine records and inserts are vital to securing a top price, the numbered sleeve is the main attraction.
"The hunger to collect low numbers remains undiminished amongst Beatles fans."

Media playback is unsupported on your device
4 May 2015 Last updated at 16:22 BST
It's a big deal for people across the country, but everyone's watching Scotland in particular.
This is because the election result could have a huge impact on who runs the next UK government.
Jenny went to a youth club in Glasgow to find out more.

The 25-year-old American born striker made 37 appearances and scored seven goals during his 12 months at Tynecastle.
Johnsen also made his first international appearance for Norway while a Hearts player.
The Edinburgh club has strengthened up front, signing Kyle Lafferty during this transfer window.
Johnsen was brought to Hearts by former head coach Robbie Neilson after leaving Bulgarian club Litex Lovech.
And Neilson's successor, Ian Cathro, had to deny reports of an argument with the striker at half-time during a game against St Johnstone in May.
Den Haag, managed by Alfons Groenendijk, the former Manchester City midfielder and former Ajax assistant, finished 11th in the Eredivisie last season.

The Super League side have played at the ground, which is owned by Bank of Ireland, since 1895.
As it stands, their lease will terminate at the end of December.
"The current lease and cost of repairs is crippling the club," Carter told BBC Radio Leeds.
"We made a reasonable offer of what we could afford over the next 18 months but never got a reply and Wednesday was the deadline that we had to give six months' notice.
"The ball is in their court now and it may be that we get no response and they are happy to take back ownership of the ground. I can't talk on their behalf."
The Wildcats were hoping to move to a purpose-built stadium for the start of the 2015 season but work has never started on the project.
Carter says he has spoken to several different clubs about possible groundshares for 2016.
He added: "We've already looked at alternatives because it's no good us saying we have six months to get something sorted - realistically you need to have something in place well before then.
"We've had a number of discussions with other grounds at this time, which will remain confidential."
A Beatles sleeve which features the faces of music executives in place of the Fab Four has been named the world's rarest album cover.
[NEXT_CONCEPT]
The UK's biggest vote - the general election - takes place on 7 May.
[NEXT_CONCEPT]
Hearts have sold Bjorn Johnsen to Dutch top-rlight club ADO Den Haag for an undisclosed transfer fee.
[NEXT_CONCEPT]
Wakefield Trinity Wildcats chairman Michael Carter says the club could be forced to leave their Belle Vue home after serving notice to the administrators of the ground's lease.