A rare first edition of a ‘masterpiece’ book published in 1776 smashed its auction estimate to sell for tens of thousands of pounds.
Inquiry into the Nature and Causes of the Wealth of Nations, commonly known as The Wealth of Nations, complete in two volumes, was discovered by Hansons Auctioneers’ books experts Jim Spencer during routine final preparations for the sale of the contents of Staffordshire mansion Bishton Hall.
The book sold to a private UK phone bidder for £65,000 at
Hansons’ Library Auction on October 15. The original estimate was
£30,000-£50,000. Two phone bidders locked horns in a battle to secure the book.
Mr Spencer said: “I thought I’d already located all the important antiquarian books. I’d spent a whole day at Bishton, going into every nook and cranny and practically climbing up chimneys to make sure I didn’t miss anything. I was covered in thick dust by the time I’d finished.
“I was randomly back at the house doing some final checks in late September, looked in a cupboard beneath a silver cabinet and there it was – pure gold in the world of antiquarian books. It was like finding hidden treasure. Everything about it was absolutely right. I knew straight away it was a first edition. I sensed I was going to find something special at Bishton Hall.”
It took Scottish economist Adam Smith 10 years to write The Wealth of Nations, which lays out the principles of modern capitalism. In 2013, a first edition of The Wealth of Nations sold for £46,000 at auction in Edinburgh. When first published in 1776, the book cost £1 16 shillings.
Mr Spencer said: “It’s one of the most important books in the world. Smith’s masterpiece remains the single most important account of the rise of modern capitalism.”
Charles Hanson, owner of Hansons Auctioneers, said: “The wealth of our nation’s rich history never fails to surprise me. Found in a cupboard in a wonderful Georgian mansion, this important book was tucked away for hundreds of years.”
Bishton Hall, near Wolseley Bridge, dates back to circa 1750. Its contents are being sold by Hansons on behalf of the Stafford Northcote family, who moved there in 1946.
Hilary Stafford Northcote said: “We knew the books existed and that they were first editions, what we did not know was where exactly they were. The family has always collected books, indeed there are libraries big and small all over the house.”
The Wealth of Nations was sold on October 15 as part of Bishton Hall Country House and Fine Art Auction at Bishton Hall, Wolseley Bridge, Staffordshire, ST17 OXN. The sale draws to a close on Friday, October 19 with Farewell to Bishton – The Attic Sale and Antiques and Collectables from other vendors. To find out more, visit www.hansonsauctioneers.co.uk.
