A rare first edition fantasy novel "The Hobbit" was sold for 60,000 pounds (approximately $122,000 U.S.) at Bonhams’ auction house in London. The 1937 novel was signed by its author, J.R.R. Tolkien, and was written prior to the "Lord of the Rings" trilogy.

“The Hobbit” was originally penned for Tolkien’s children. A friend later convinced Tolkien to try to get it published. It was, but only 1,500 copies were originally printed. Those copies sold out immediately.

The 60,000 pounds for the auctioned novel was more than double the estimated value it would bring. According to Bonhams, it set "a new world record price at auction for an inscribed copy of the book." The book was not only signed but dedicated to Elaine Griffiths, who helped Tolkien with its publishing.

The movie version of Tolkien’s "Lord of the Rings" grossed nearly $3 billion pounds worldwide. "The Hobbit" is currently being made into two films. The first installment is expected to hit theaters in 2010.

The Bonhams’ press release announcing the auction results also stated:

Also included in the sale was the first foreign language edition of The Hobbit, translated into Swedish in 1947, which fetched £1,560. It had been expected to sell for £400-800. Again, this book was inscribed by Tolkien to Elaine Griffiths. The Hobbit has since been translated into nearly 50 different languages.

Another exceptional and poignant item in the sale was the last known photograph of Tolkien, taken by his grandson Michael on August 9th 1973. The photograph, expected to fetch £400-600 sold for £864. It shows the author in the Oxford Botanical Gardens leaning against his favourite tree, the Black Pine he named Laocoon. It was a gift to Elaine Griffiths from Tolkien’s daughter Priscilla, who wrote on the back “For Elaine with love from Priscilla”.

About Bonhams

Bonhams, founded in 1793, is one of the world’s oldest and largest auctioneers of fine art and antiques. The present company was formed by the merger in November 2001 of Bonhams & Brooks and Phillips Son and Neale UK. In August 2002, the company acquired Butterfields, the principal firm of auctioneers on the West Coast of America and in August 2003, Goodmans, a leading Australian fine art and antiques auctioneer with salerooms in Sydney, joined the Bonhams Group of Companies.

Today, Bonhams offers more sales than any of its rivals, through two major salerooms in London: New Bond Street, and Knightsbridge, and a further seven throughout the UK. Sales are also held in San Francisco, Los Angeles, New York and Boston in the USA; and Switzerland, France, Monaco, Australia, Hong Kong and Dubai. Bonhams has a worldwide network of offices and regional representatives in 25 countries offering sales advice and valuation services in 57 specialist areas.

CBC article, First edition Hobbit sells for $120,000

Another perspective of this story may be read through the below embedded CBC article, First edition Hobbit sells for $120,000.