Sunday, June 24, 2012

George Washington’s annotated Constitution fetches almost $10 million

Hats off to the Mount Vernon Ladies‘ Association for buying this incredible piece of history and taking it back home to Mount Vernon. - Reggie

Shatters world auction record

Having set a world record, George Washington’s personal copy of the Constitution is heading home.

A book containing Washington’s annotated Constitution and a draft of the Bill of Rights was purchased for almost $10 million by the Mount Vernon Ladies‘ Association in a Friday auction at Christie’s in New York.

Printed and bound in 1789, the book features Washington’s signature on the title page and sold for a winning bid of $9,826,500 - an amount the venerable auction house said was a world auction record for an American book or historical document.

Part of Washington’s original private library at Mount Vernon, the book will once again be housed at the historic Virginia estate, as part of the collection at the Fred W. Smith National Library for the Study of George Washington, currently under construction and set to open next fall.

“Washington himself once wrote, ‘the Constitution is our guide, which I will never abandon,’ ” Mount Vernon Ladies‘ Association regent Ann Bookout said in a statement. “By acquiring this book - his personal copy of the Constitution - we are taking him quite literally.

“It is extremely rare to see a book of such significance change hands, and we felt that it was essential to muster our resources to bring this extraordinary document home.”

While the book was expected to sell for as much as $3 million, a bidding war between the Mount Vernon Ladies‘ Association and an unidentified party drove the up the cost.

The final price dwarfs the previous known high for a Washington item, $3.2 million, paid at a 2009 auction for a 1787 letter written by Washington to his nephew and heir Bushrod Washington about the Constitution.

The book’s previous owner, Pennsylvania businessman and colonial art collector H. Richard Dietrich Jr., purchased the book at a 1964 auction for $27,000, about $200,000 in today’s dollars.

Thomas Lecky, head of Christie’s books and manuscripts division, said before Friday’s sale that the auction house expected the book to do “extremely well.”

“Many of the great foundational works of the country are already in institutions and collections,” Mr. Lecky said. “A book from Washington’s library infrequently comes on the market. And in this case, the text itself is so important. It shows [Washington] thinking about what the powers of the very first president were going to be and what his responsibilities would be.

“It’s unique. There’s no direct comparable - you can’t find another copy of the Constitution that he annotated and marked up.”

A bespoke, 106-page leather-bound volume, the book contains a record of the first session of Congress - the ratified Constitution, a 12-Amendment draft of the Bill of Rights and acts creating the executive, state and treasury departments. Pasted atop its inside cover, or “bookplate,” is a custom print of Washington’s family crest, which the first president reserved for the most important books in his library.

Next to the elements of the Constitution that outline executive duties and powers, including signing and vetoing laws, controlling the Army and Navy and periodically giving Congress information on the state of the union, Washington drew vertical brackets and neatly penciled in “president,” “president powers” and “required.”

“It was a working document for him,” said Julie Miller, a historian with the manuscript division of the Library of Congress.

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