When it comes to Harry Potter merchandise, the sky's the limit for some people.

And nowhere was this more evident than during a recent auction which saw a first edition Harry Potter and The Philosopher's Stone go for a staggering £43,750.

While those in the know at Bonhams Fine Books and Manuscripts Sale estimated the book might go for between £15,000 and £20,000, it exceeded all expectations after a series of what has been described as "intense bidding".

"This was an exceptional price for a much-loved modern classic," senior specialist Simon Roberts said following the astronomical deal.

“The book was in excellent condition which added to its appeal for collectors and I am not surprised that it attracted so much interest and such intense bidding.”

According to reports, the first edition, which hit shelves in June 1997, went to a London-based businessman.