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>Gonnelli Auction House<br>Books and Graphics<br>19th, 20th and 21st April 2021</b>
    <b><center>Gonnelli: Apr. 19-21<br>Books from XVI to XX Century</b>
    <b><center>Gonnelli: Apr. 20<br>Atlases and Maps</b
    <b><center>Gonnelli: Apr. 21<br> Veneto and Venice, a Selection of Books from the XVI to XX century</b>
    <b><center>Gonnelli: Apr. 20<br></b>Rossini Gioachino, Baguette de chef d'orchestre appartenuta a Gioachino Rossini, dono del Comune di Passy. 1500 €
    <b><center>Gonnelli: Apr. 21<br></b>Manetti Saverio, Storia naturale degli uccelli trattata con metodo. Cinque volumi. 1767. 18.000 €
    <b><center>Gonnelli: Apr. 21<br></b>Poe Edgar Allan, Double assassinat dans la rue morgue. Illustrations de Cura. 1946.
    <b><center>Gonnelli: Apr. 19-21<br>Books from XVI to XX Century</b>
  • <center><b>Sotheby’s<br>Collection of a Connoisseur:<br>History in Manuscript, Part 2<br>27 April 2021</b>
    <b>Sotheby’s, through Apr. 27:</b><br>Ronald Reagan. Series of 37 letters to Senator George Murphy, and related material, 1968-90. £50,000 to £70,000.
    <b>Sotheby’s, through Apr. 27:</b><br>Chaim Weizmann. Autograph letter signed, to General Sir Gilbert Clayton, 6 September 1918. £20,000 to £30,000.
    <b>Sotheby’s, through Apr. 27:</b><br>Sir Winston Churchill. Autograph letter signed, to Pamela, Lady Lytton, 1942. £20,000 to $30,000.
    <center><b>Sotheby’s<br>Collection of a Connoisseur:<br>History in Manuscript, Part 2<br>27 April 2021</b>
    <b>Sotheby’s, through Apr. 27:</b><br>Oscar Wilde. Five autograph letters signed, to Alsager Vian, 1887. £15,000 to £20,000.
    <b>Sotheby’s, through Apr. 27:</b><br>Napoleon I. Letter signed to Admiral Ganteaume, ordering the invasion of England, 22 August 1805. £10,000 to £15,000.
    <b>Sotheby’s, through Apr. 27:</b><br>Horatio, Viscount Nelson, and Emma Hamilton. Two autograph letter signed, to Catherine and George Matcham, 1805. £6,000 to £8,000.
  • <b>Swann Auction Galleries Apr 15:</b> Frances Palmer, <i>Battle of Buena Vista,</i> chromolithograph, New York, 1847. $4,000 to $6,000.
    <b>Swann Auction Galleries Apr 15:</b> Antonio Colmenero de Ledesma, the earliest publication concerned solely with chocolate, first edition, Madrid, 1631. $10,000 to $15,000.
    <b>Swann Auction Galleries Apr 15:</b> Romans Bernard, <i>An Exact View of the Late Battle at Charlestown, June 17th, 1775,</i> engraving, 1776. $40,000 to $60,000.
    <b>Swann Auction Galleries Apr 15:</b> <i>A Short Narrative of the Horrid Massacre in Boston,</i> English edition, London, 1770. $12,000 to $18,000.
    <b>Swann Auction Galleries Apr 15:</b> William Soule, <i>Lodge of the Plains Indians,</i> albumen print, 1872. $1,500 to $2,500.
    <b>Swann Auction Galleries Apr 15:</b> Manuscript document to enforce New York’s “Agreement of Non-Importation” during the heyday of the Sons of Liberty, New York, 1769. $10,000 to $15,000.
    <b>Swann Auction Galleries Apr 15:</b> Clarence Mackenzie, <i>Drummer Boy of the 13th Regiment of Brooklyn,</i> salt print with applied color, 1861. $3,000 to $4,000.
    <b>Swann Auction Galleries Apr 15:</b> Moses Lopez, <i>A Lunar Calendar,</i> first Jewish calendar published in America, Newport, RI, 1806. $3,000 to $4,000.
    <b>Swann Auction Galleries Apr 15:</b><br>The Book of Mormon, first edition, Palmyra, 1830. $30,000 to $40,000.

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