$120K is No Small Token for Tolkein 1st Edition

Bonhams gavels rare 1937 copy of "The Hobbit"
signed by the author

Calling the sum "staggering," Bonhams U.K. announced Tuesday that an extremely rare 1937 first edition of J. R. R. Tolkien's much-loved classic "The Hobbit" was sold for 60,000 pounds ($120,800) - an amount the auctioneer reported was "twice its pre-sale estimate and a new world record price at auction for an inscribed copy of the book."

The copy sold at auction was a first issue of the first edition of "The Hobbit" that was signed by Tolkein and dedicated to his close friend Elaine Griffiths. The buyer was a telephone bidder who wished to remain anonymous.

From the moment of its publication, "The Hobbit" was an instant success. Bonhams' press release noted that "the mere 1,500 copies of the first edition" sold out within a couple of months. It has since sold over 100 million copies and has been voted the most significant children's book of the century by the Library Association. There are also reports that a film of The Hobbit will be released in 2010.