Magna Carta drops in value

A ink-on-vellum copy of the Magna Carta, produced in 1297, is one of 5000 artistic and cultural items held by Parliament in Canberra. It was bought for £12,500 in 1952.

The document of about 3000 words of Latin covers 50cm by 42cm of vellum (calfhide) and is enclosed in a humidified capsule filled with inert gas to protect it from bacterial damage. The capsule is encased in a laminated, UV-protected display case.

In 2002, Sotheby's valued the artifact at au$40 million. A new valuation by the Department of Parliamentary Services, based on advice from the Australian Valuation Office, places the value at au$15 million. Whilst this reduces insurance premiums, it also lowers the value should the Government wish to sell it. Secretary of the Department of Parliamentary Services, Hilary Penfold, said "Magna Carta is priceless in many ways, but in reality if it were to be sold there would be a buyer, and it was a matter of reaching a value comparable to that paid for other similar works".