Rare First Printing Of U.S. Constitution Sold For $43.2 million.

Foxxee · ‎10-03-2014

at Sotheby’s Auction House in New York, a record price for a document or book sold at auction.

An unprecedented crowd-funded attempt to buy an extremely rare copy of the U.S. Constitution fell just short on Thursday night, when a group of more than 17,000 people who had pooled their money were outbid in an auction for the historical document. This group of people called ConstitutionDAO was locked in an “eight-minute bidding battle on the telephones” with at the time an unidentified rival.

The selling price of $43.2 million for this rare Constitution copy sets a new record for the most ever paid for a book, historical document or printed text, according to Sotheby’s, which handled the sale. The winning bid more than doubled the top estimate of $20 million the Constitution had been expected to garner.

The document that sold Thursday night was printed in Philadelphia on September 17, 1787, the last day of the Constitutional Convention that was presided over by George Washington and was attended by delegates such as James Madison and Alexander Hamilton.

Only 500 copies of the Constitution were created in that first printing; the one sold Thursday night is one of the last 13 surviving copies. Only two copies are known to exist outside of institutional collections.

The purchaser of the document was Citadel CEO and billionaire hedge fund executive Kenneth Griffin, who outbid the group of cryptocurrency investors.

“The U.S. Constitution is a sacred document that enshrines the rights of every American and all of those who aspire to be, Griffin said in a statement released by Sotheby’s. “That is why I intend to ensure that this copy of our Constitution will be available for All Americans and visitors to view and appreciate in our museums and other public spaces.”

Griffin said he will loan the document to the Crystal Bridges Museum of American Art in Bentonville, Arkansas, where it will be on display to the public for free.

The previous auction record for a book or manuscript was set in 1994 when Bill Gates purchased the Codex Leicester by Leonardo da Vinci at Christie’s for $30.8 million.

From TheDCPatriot

Jersey Born · ‎03-10-2010

@Foxxee - Your post makes me sad, but I thank you for making me aware of what happened.

Proof of our rights and of our liberties, something our nation's founders died for, should not be for sale-- to anyone-- at any price.

Every copy should be kept in separate museums for the people of our nation to see on display-- for free.

KingstonsMom · ‎03-09-2010

Commendable that the buyer is going to loan it to a museum so the public can see it for free!

You never know how strong you are until being strong is the only choice you have.

haddon9 · ‎03-09-2010

@Jersey Born wrote:
@Foxxee - Your post makes me sad, but I thank you for making me aware of what happened.

Proof of our rights and of our liberties, something our nation's founders died for, should not be for sale-- to anyone-- at any price.

Every copy should be kept in separate museums for the people of our nation to see on display-- for free.

@Jersey Born This is my reaction to it too...why does it belong to an individual or group of people...to the highest bidder. It should belong to all of the people here in the US and the fifteen remaining copies should be displayed in various museums around the country.

Free2be · ‎03-10-2010

There is a very interesting write up in Wikipedia about this museum in Arkansas started by the Wallmart Family Foundation so there was a lot of money to get it going and a lot keeping it going. I don't know how the city and state worked out their losses from what they gave up to have it built there but it appears to be a gorgeous layout.

I wish the document was in DC where more people visit to view our history. Who goes to a town in Arkansas to visit a private museum unless they have extra vacation dollars or live within some close proximity?

deedledeedeedle · ‎05-27-2014

The only thing I got out of this news is that Mr Microsoft did not bid on it like he did an original de Vinci manuscript. Ahem.

dee

Jersey Born · ‎03-10-2010

@haddon9 - Imagine if square foot blocks of our nation's Capitol Building were auctioned off to the highest bidder. Some things simply must belong to the people, and they must be safeguarded and preserved by those who value them appropriately as the priceless representations of our history that they are.