Only 500 copies of JK Rowling's Harry Potter and the Philosopher's Stone were issued during its first print run three years ago, according to the auctioneers behind the sale.

There were originally 200 paperback copies and 300 hardbacks - including the one being auctioned.

"It's a phenomenal price for a book published in 1997," said Geoff Jackson from Dominic Winter Book Auctions in Swindon.

"There are rumours of one copy selling for as much as �16,000.

"Maybe the reason for there not being so many around is that they probably didn't think at the time they would sell too many."

In contrast the recent fourth book in the series - Harry Potter and the Goblet of Fire - had an initial print one of one million copies, he said.

In the three years since the launch of the first book, JK Rowling's Harry Potter tales have become a worldwide publishing phenomenon.

The 35-year-old Edinburgh-based author has become Britain's highest earning woman and was awarded an OBE in the Queen's birthday honours earlier this year.