A rare first edition of Harry Potter and the Philosopher’s Stone has sold for a world record £356,000, the highest price ever achieved for a 20th century work of fiction.  

This mint condition book was published in the 500th edition in 1997. About 300 copies were distributed to libraries and schools, and 200 more were handed into private hands.   

There are several typographical mistakes in them, such as “one wand”, printed twice on a page 53 listing items Harry will need for Hogwarts.

You can also see on the backcover the misspelling “Wizardry, and Witchcraft” – this is subtle variation on the title for the “Hogwarts school witchcraft and wizardry”.

The mint condition novel was in the first run of 500 printed in 1997. Roughly 300 were given to libraries and schools and the remaining 200 were passed into private hands

In 1997, the mint condition edition was printed for the 500th time. About 300 copies were donated to libraries and schools, and 200 went into private ownership.

They contain several typing errors including 'Wizardry and and witchcraft' (pictured) on the back cover - a subtle variation of the title for 'Hogwarts school of witchcraft and wizardry' which features in the novel

There are several typos in them, including “Wizardry & and Witchcraft” (pictured on the back cover) – this is a subtle variant of the title for the “Hogwarts School of Wizardry and Witchcraft”, which appears in the novel

The American woman purchased this copy from a book dealer back in 1998. She was currently building an exclusive collection of books in first editions that would be made into movies.

While the original Harry Potter movie was not released until 2001, Rowling wisely anticipated from the positive reception that JK Rowling’s first novel received that it would soon be on the big screen.

Because of this, the book was kept in an unaltered condition.

Over 120,000,000 copies of Harry Potter have been sold around the world to this point.

Bidding started at £50,000 and huge competition drove up the price until the hammer went down at £287,000 ($380,000). With auction house fees added on the final figure paid by an anonymous buyer to £356,000.

Heritage Auctions of Dallas, Texas, held the auction.

It smashed the previous Harry Potter record price of £125,000 set in Edinburgh last year for a first edition of Harry Potter and the Philosopher’s Stone signed by JK Rowling.

Before now, the highest ever price realised for a 20th century fiction book was a first edition of F Scott Fitzgerald’s The Great Gatsby (1925) which fetched $377,000 (£285,000) in New York in 2014.

Bidding started at £50,000 and huge competition drove up the price until the hammer went down at £287,000 ($380,000). With auction house fees added on the final figure paid by an anonymous buyer to £356,000. Pictured: JK Rowling

Bidding started at £50,000 and huge competition drove up the price until the hammer went down at £287,000 ($380,000). With auction house fees added on the final figure paid by an anonymous buyer to £356,000. JK Rowling 

Joe Maddalena is Heritage’s executive vice president. He said that the book was not only the most expensive Harry Potter novel ever published, but also the most costly commercially printed fiction of the 20th century.

“This was one of 500 copies that did not go to schools or libraries. Somehow, a private collector managed to get it when it was first published.

It is in mint, unaltered condition and is the reason it is so highly sought after.

“The consignor purchased it 1998, when she was collecting films made from first edition books.

“Once Harry Potter’s book was published, it rocketed and was immediately clear that the movie would be made. Although she didn’t know that at that time, it had a lot of potential.

This movie, ‘Harry Potter and the Philosopher’s Stone’ was made on the big screen over 20 years ago. It shows the power and versatility of the marriage of literature and cinema.

“These books receive a reward for the success of their movies.

“We are delighted with the outcome and the consignor was over the moon.”

In total, the vendor’s collection of 20 first edition books made a staggering £1.13m ($1.5m).

It included J.R.R Tolkien’s Lord of the Rings Trilogy which made £78,000 ($103,125), while all seven of C.S Lewis’ Chronicles of Narnia titles went for a combined £76,000 ($100,000).

A first edition of Ian Fleming’s classic James Bond novel Casino Royale (1953) achieved £32,000 ($42,500).