Really old and really rare means really valuable. The Magna Carta, one of 17 existing copies, sold for $21.3 million at Sotheby's. It didn't sell for what they hoped. The sheepskin was the first code of law to settle disputes between England's Kin and English barons. It was written in 1215, and the proceeds went to Ross Perot's Charity.
David Rubenstein, founder of The Carlyle Group ,became the proud owner of the exclusive English royal manuscript, Magna Carta (aka Magna Carta Libertatum) when he paid a whopping US $21.3 million at the Sotheby's auction in New York. It had been earlier expected to draw bids of $30 million or higher. The royal charter dated 1297, bearing the wax seal of King Edward I, enshrined the rights of man into English law. The 710-year-old iconic vellum manuscript is one of the only 17 existing copies of the Magna Carta. The manuscript, most likely made of sheepskin, enshrined the rule of law in England at a time of disagreements between King John and the English barons and was first issued in 1215 and confirmed as English law in 1297. The document previously belonged to the Brudenells of Northamptonshire, England, who owned it since the late 14th or early 15th centuries and the proceeds of the sale will go to a charity set up by billionaire Ross Perot.
Key Themes Behind This Trend
- Rare Collectibles Market
- The high price fetched by the Magna Carta highlights the demand and value of rare and historic items in the collectibles market.
- Historical Preservation
- The sale of the Magna Carta underscores the importance of preserving and protecting historical artifacts for future generations.
- Philanthropy in Auctions
- The proceeds from the sale of the Magna Carta going to Ross Perot's Charity showcases the growing trend of philanthropic contributions through auction sales.
Where This Applies
- Art and Antiques
- The art and antiques industry stands to benefit from the increased value and interest in rare historical items like the Magna Carta.
- Museum and Heritage
- Museums and heritage organizations have an opportunity to explore partnerships and acquisitions of rare artifacts to enhance their collections and attract visitors.
- Charitable Organizations
- Charitable organizations can seize the opportunity to collaborate with auction houses and use high-value items to generate funds for their causes.
