Rare Book Monthly

Articles - January - 2008 Issue

Rowling Book Sells For $4 Million

Beedle

Beedle the Bard from the Amazon.com website.


By Michael Stillman

We have come to expect that some books will sell at auction for well beyond their estimates. Sometimes an auction house may not appreciate the book's importance, at other times bidders can simply get caught up in the excitement of the moment. However, what occurred at Sotheby's December 13 was truly astounding. A book, rare (by design), though certainly not antiquarian, sold for forty times the high estimate. That high estimate was no bargain basement price either. Estimated to sell for $60,000-$100,000, a handwritten work by billionaire author J.K. Rowling, of Harry Potter fame, sold for an astonishing £1,950,000, or approximately $4 million. If I were her, I'd have my pen in hand right now, writing another, but when you are already a billionaire, who needs another $4 million?

The book's title is Tales of Beedle the Bard. It is not a Harry Potter book, but fits the same mystical, magical genre. Rowling handwrote seven copies of this book, but only one was placed up for sale. The other six are going to unnamed persons associated with the Potter saga. One can only expect that in time, and depending upon the financial needs of the six lucky recipients (who must be overjoyed by the results of this auction), these other six copies will make it to the market. Perhaps some will be offered in the relatively near future, others maybe not until the owners die and ownership falls to their estates. Eventually, the heirs are more likely to want millions in cash than a book to share amongst them.

The winning bidder was also a surprise. It was not a traditional collector or rare book library of some prestigious institution. The winner was bookselling giant Amazon.com. Amazon has undoubtedly made a great deal of money off Ms. Rowling's books, having sold many millions of them. They could afford it. Still, it is not exactly clear why they would spend so much for this book. They are already providing online reviews of the five stories that make up the book, and have created discussion forums. Perhaps the company feels the publicity and traffic to their site it generates will make it a good business decision. With a market cap of some $35 billion, this is small potatoes to Amazon, almost a transfer of funds from a billionaire 35 times over to a poor woman of just a single billion in wealth (actually, Ms. Rowling donated the proceeds to the Children's Voice Campaign, one of her favorite charities). If Amazon had chosen to distribute the $4 million to its shareholders instead of buying Ms. Rowling's book, the dividend would have amounted to a mere penny a share.

There is one mystery that remains to this story. Who were the other bidders? It was reported that there were five bidders in total, and at least one of them must have followed Amazon to the upper $3 millions before throwing in the towel. Who else was willing to pay such an astronomical amount for a book estimated at $60,000-$100,000? Some people have entirely too much money.

Rare Book Monthly

  • <center><b>Swann Auction Galleries<br>View Our Record Breaking Results</b>
    <b>Swann:</b> Scott Joplin, <i>Treemonisha: Opera in Three Acts,</i> New York, 1911. Sold March 24 — $40,000.
    <b>Swann:</b> Louisa May Alcott, autograph letter signed, 1868. Sold June 2 — $23,750.
    <b>Swann:</b> Anne Bradstreet, <i>Several Poems Compiled with Great Variety of Wit and Learning, full of Delight,</i> Boston, 1758. Sold June 2 — $21,250.
    <b>Swann:</b> William Shakespeare, <i>Comedies, Histories, and Tragedies. Published according to the true Originall Copies. The Second Impression,</i> London, 1632. Sold May 5 — $161,000.
    <center><b>Swann Auction Galleries<br>View Our Record Breaking Results</b>
    <b>Swann:</b> John Bachmann, <i>Panorama of the Seat of War,</i> New York, 1861-62. Sold June 23 — $35,000.
    <b>Swann:</b> Charlotte Bronte, <i>Jane Eyre,</i> first edition, London, 1847. Sold June 16 — $23,750.
    <b>Swann:</b> Elihu Vedder, <i>Simple Simon, His Book,</i> 1913. Sold June 9 — $12,350.
    <b>Swann:</b> Frederick Catherwood, <i>Views of Ancient Monuments in Central America, Chiapas and Yucatan,</i> London, 1844. Sold April 7 — $37,500.
  • <center><b>University Archives<br>Rare Autographs, Manuscripts & Books<br>August 17, 2022</b>
    <b>University Archives, Aug. 17:</b> George Washington ADS, One of the Earliest in His Hand, A Survey from 1752, the Same Year He Inherited Mount Vernon.
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    <center><b>University Archives<br>Rare Autographs, Manuscripts & Books<br>August 17, 2022</b>
    <b>University Archives, Aug. 17:</b> Benjamin Franklin Signed Receipt for “Pennsylvania Gazette,” Important & Beautifully Displayed
    <b>University Archives, Aug. 17:</b> Lincoln & His Civil War Cabinet: 8 Signatures, Beautifully Presented!
    <b>University Archives, Aug. 17:</b> G.A. Custer ALS from Fort Lincoln, Dakota Territory to Capt. Yates, Who Also Died at Little Bighorn, Re: Acquiring “good horses” from Kentucky for 7th Cavalry.
    <center><b>University Archives<br>Rare Autographs, Manuscripts & Books<br>August 17, 2022</b>
    <b>University Archives, Aug. 17:</b> Jefferson Davis ALS: “the negroes are humble and generally inclined to cling to their masters…neither crop or stock could be protected from their thieving” – Incredible!
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    <b>University Archives, Aug. 17:</b> Babe Ruth First Edition Biography Signed Just Months Before His Death, Excellent Signature!
    <center><b>University Archives<br>Rare Autographs, Manuscripts & Books<br>August 17, 2022</b>
    <b>University Archives, Aug. 17:</b> “B Arnold” ANS on Pre-Revolutionary War Promissory Note Dating From His Days as a New Haven Merchant
    <b>University Archives, Aug. 17:</b> Bob Dylan Signed LP “Blonde on Blonde” with Jeff Rosen COA.
    <b>University Archives, Aug. 17:</b> Marilyn Monroe & Joe DiMaggio Signed Checks, Handsomely Displayed.

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