USA: Magna Carta sells at auction for 21.3 million U.S. dollars

Record ID: 536160

  • Title: USA: Magna Carta sells at auction for 21.3 million U.S. dollars
  • Date: 19th December 2007
  • Summary: PEOPLE LOOKING AT MAGNA CARTA ON DISPLAY
  • Embargoed: 3rd January 2008 12:00
  • Keywords:
  • Location: Usa
  • Country: USA
  • Topics: History
  • Reuters ID: LVA660JWDIUOZ7OFGS7HMPZHZ33L
  • Story Text: A rare 710-year-old copy of the Magna Carta was sold at auction for 21.3 million U.S. dollars at Sotheby's auction house in New York late on Tuesday (December 18).
    The Magna Carta is considered by many to be one of the most important legal documents in the history of democracy.
    The Magna Carta (which in Latin means "Great Charter") was first written in 1215 after rebellious English barons forced the oppressive King John to renounce certain rights and accept that his will is bound by law.
    It was later ratified and reissued with each monarch who succeeded John and was finally enacted into law in 1297 by the British parliament when it was reissued by King Edward I.
    The U.S. Constitution includes ideas and phrases taken almost directly from the Magna Carta.
    Sothbey's says the copy that was sold is from 1297.
    When it announced the auction in September, Sotheby's said the document was valued at up to 30 million U.S. dollas. Tuesday night, the bidding for the Magna Carta started at 12 million U.S. dollars and quickly sold with a final bid of 19 million U.S. dollars. After commission, the final price for the historic document came to a grand total of 21.3 million U.S. dollars.
    The winning bidder was David Rubenstein, the founder of The Carlyle Group, a private equity firm in Washington D.C. Rubenstein said he lives in Washington D.C. and works just blocks from the National Archives building.
    He plans to ask the National Archives and Records Administration to keep the iconic document on display.
    "I thought it was very important that the Magna Carta stay in the United States, and I was concerned that the only copy in the United States, might escape from the United States as a result of this auction. So I felt determined to do what I could to make sure that the National Archives would have this for display for all Americans to see and all people who care about freedom to see for quite sometime in the future. So it's my intention to ask the National Archives to display this in the future as it has been displayed in the past," he said.
    Although he was inside Sotheby's for the auction, Rubenstein bid on the phone, he says, so he could he keep a clear head. He said that, although he would have paid more, he is glad he didn't have to.
    "I don't think you can put a price on freedom. I don't think you can put a price on this precious document. I'm very pleased with the price I paid. I'm very pleased that the American people will have this."
    David Redden, the Vice Chairman of Sotheby's says he couldn't have asked for a better ending to the auction.
    "It's staying at the National Archives. It really couldn't be a better outcome. It's the dream outcome," he said.
    Redden also said the Magna Carta is the most important document to have ever been at auction.
    "If you want to look for a starting place for our freedoms and liberties, one goes back to Magna Carta. One always goes back to Magna Carta."
    Sotheby's says there are fewer than 20 copies of the Magna Carta and that this copy is one of only two held outside of Britain. The other copy, also from 1297, is owned by the Australian government.
    The Perot Foundation, created by billionaire former U.S. presidential candidate Ross Perot to make philanthropic grants, bought the Magna Carta in 1984. The money from the sale of the document will be used for The Perot Foundation charities.
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