Harry Potter first edition sets new world record

A first edition hardback copy of Harry Potter and the Philosopher's Stone has more than doubled its estimate at Bonhams today.

It had been valued at £20,000 ($24,878), but sold for £43,750 ($54,420) - an increase of 118.7%.

Harry Potter Philosophers
Most of the first printing of Harry Potter and the Philosopher's Stone went to libraries

That's a new world record for a first edition copy of JK Rowling book.

It edged out the $43,750 record paid for the book in 2013, resulting in annual growth of 7.5% over the past three years.

Only 500 first printing, hardback copies of Philosopher's Stone were produced.

Most were sent out to libraries, meaning they are extremely rare.

Around 200 are believed to exist in varying states of repair.

Matthew Haley, head of books and manuscripts at Bonhams, said prior to the sale: "As the first book in the series, Harry Potter and the Philosopher's Stone has a special place in the affections of the millions of readers across the world and the proof reading error about the wand in the first edition has, of course, become a treasured piece of Harry Potter arcana.

"Like most enduring books aimed at younger readers, the Harry Potter books also have wide appeal to adults and there is a strong market among collectors for first editions."

A handwritten copy of JK Rowling's Tales of Beedle the Bard is selling at Sotheby's in December.  

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