Rare first edition of 'The Hobbit' discovered during house clearance sells for 'record-breaking' sum

A UK auction house is celebrating its sale of a rare first edition of JRR Tokien's 'The Hobbit' during an online auction for £43,000 - over R1 million.

Auctioneum says this is believed to be a record price for a first edition (minus the dust cover), which quadrupled its pre-sale estimate 'with bids flying in from all over the world'.

The treasure was discovered during the house clearing of a home in Bristol, amongst a variety of other books.

It was snapped up on auction by a private collector in the UK.

The book is one of 1,500 original copies of Tolkien's seminal fantasy novel that were published in 1937. 

According to the auction house, of those only 'a few hundred are believed to still remain'.

The surviving books from the initial print run are now considered some of the most sought-after books in modern literature, it says.

 Auctioneum says it was called in to assess the home where the book was found, when the original owner passed away.

When she realised what it was, her heart began pounding, relates book specialist Caitlin Riley.

'It’s an unimaginably rare find!’

The book is bound in light green cloth and features black and white illustrations by the author; the only printing to do so, as later editions colourised them.