A rare copy of the United States Constitution, printed after the 1787 Constitutional Convention, has sold for more than $11 million during a live auction in Asheville, North Carolina, on Thursday evening.
The auction, conducted by Brunk Auctions, ended with a final bid of $9 million, excluding a 23 per cent buyer's premium and undisclosed taxes. The identity of the buyer remains confidential as of now. The bidding of this rare copy commenced at $1.1 million and escalated fast, reaching the final bid within a period of a brief seven minutes. NBC Los Angeles reported that there were 62 bids in total.
The Constitutional Convention, which took place in Philadelphia from May to September 1787, was a pivotal moment in American history. Initially assembled to amend the Articles of Confederation, the need for a new framework of government due to the loopholes in the existing system was quickly pointed out. This resulted in a new constitution, which established a federal government with checks and balances among its branches. This document thus remains foundational to American democracy, making it all the more historically significant at an auction such as this one.
Nancy Zander, the director of external affairs for Brunk Auctions, described the sale as a "spectacular price" to The New York Times. "It's really important that important things get strong prices," she said in an interview on Friday.
This copy of the Constitution was discovered two years ago in a filing cabinet at Hayes Farm in Edenton, North Carolina. The farm was owned by Samuel Johnston, the governor of North Carolina from 1787 to 1789. It is one of approximately 100 copies printed back then, with only eight or nine known remaining today.
In addition to the Constitution, other notable items sold at the auction included a painting of George Washington crossing the Delaware River, which fetched over $307,000, and a copy of the Articles of Confederation that sold for more than $1.2 million.
Seth Kaller, a historical document expert involved in the auction, said that while there were hopes for a sale price comparable to a previous record-setting sale in 2021-when another early Constitution copy sold for over $43 million- this outcome was anticipated due to differing market conditions this time. Kaller was also representing one of the bidders in this auction.
The auction was initially set up for September 28 but was postponed due to Hurricane Helene's impact on the neighbouring area. "It was not as celebratory as it would have been had we not had the terrible catastrophe around us," said Ms. Zander "But we were all together, appreciating the moment." Despite limited public attendance due to the storm, bidders allegedly also participated via phone calls.
