Magna Carta copy sold for £10.6m[$21.3M]

BBC ^ | 19 Dec 2007 | BBC

[BGHater]

The 1297 copy of the Magna Carta is the only one in private ownership

A rare copy of the Magna Carta has been sold for £10.6m ($21.3m) in an auction at Sotheby's in New York.

The copy dating from 1297, one of only 17 still in existence, was bought by US businessman David Rubenstein.

The auction item had been owned by American billionaire Ross Perot's Perot Foundation since 1984 and was on view at the National Archives in Washington.

The original Magna Carta was sealed by King John of England in 1215 and enshrined civil rights in English law.

'Temporary custodian'

Mr Rubenstein, co-founder of private equity firm The Carlyle Group, wants to put the document back on display at the National Archives.

He said: "I have always believed that the three most important documents were the Constitution, the Declaration of Independence and the Magna Carta.

"This document stands the test of time. There is nothing more important than what it represents.

"I am privileged to be the new owner, but I am only the temporary custodian.

"This is a gift to the American people. It is important to me that it stays in the United States."

'Talisman of liberty'

The auctioned copy, the only one in private hands, had been expected to fetch £9.94m ($20m) when it went under the hammer.

The Magna Carta is the first rung on the ladder to freedom David Redden Sotheby's Charting out the Magna Carta

The Magna Carta was not confirmed as English law until the version sealed by Edward I in 1297.

David Redden, vice-chairman of Sotheby's, described the Magna Carta as "the most important document in the world".

"The 1297 Magna Carta became the operative version, the one that was entered into English common law and became the law of the land," he said.

"The Magna Carta is the first rung on the ladder to freedom. This document symbolises mankind's eternal quest for freedom.

"It is a talisman of liberty."

Basic freedoms

The Magna Carta came into being as the result of a dispute between King John and English barons, and it went some way towards limiting the authority of the king.

The charter guaranteed basic freedoms and property rights to those considered "free men".

Its most notable legacy in present-day English law is the principle of Habeas Corpus, which protects people against unlawful imprisonment.

Only four copies dating to the 1215 signing of the Magna Carta are believed to have survived, and all of them are in England.

The 1297 engrossment of the Magna Carta auctioned at Sotheby's in New York

[Don W]

I’d like to see the phrase “predatory lender” substituted, and enforced.

Payday loan companies beware, there is historical precedent!

[kalee]

ping

[Cheburashka]

Interesting. So, all the costs since 1984 would have been paid by us taxpayers - exhibiting - maintaining temp/humidity, security, insurance, transport, and personnel salaries - guards and the like. And, perhaps that is somehow transferable to the Perot Foundation to deduct from the gain?

---

All you mention is more than offset by the opportunity to exhibit such a rare document. I'm certain the National Archives was very pleased to have the opportunity. It's like having the Pieta temporarily on display in your art museum.

[Cheburashka]

I’d like to see the phrase “predatory lender” substituted, and enforced.

Payday loan companies beware, there is historical precedent!

---

I don’t know how it is in your state, but in mine payday loan lenders are regulated.

Say you put payday loan companies out of business. That just gives loan sharks more business.

But this is America, the land of opportunity. If you feel payday loan companies are evil, start your own loan company that gives a better deal to the same clientele.

[fireforeffect]

And to you a Happy New Year.

[SunkenCiv]

This is an old topic. Just adding to the catalog.