On this day in 1978 – Dire Straits began recording their first album at Basing Street Studios, London. The whole project cost £12,500 ($21,250) to produce. The album which featured the group’s breakthrough single ‘Sultans of Swing’ went on to enjoy a 132 week run on the UK chart. The inspiration for ‘Sultans of Swing’ came from Mark Knopfler witnessing a mediocre jazz band playing in the corner of a practically deserted pub. At the end of their performance, the lead singer came up to the microphone and announced that they were the “Sultans of Swing.”