The book was one of the first copies of the book to be printed in 1937, and the author had signed it and written a note to his aunt in the cover.
The combination of being a really early copy and having Tolkein's signature is what made it so valuable.
There were loads of other books on sale at the auction at Sotheby's, and a copy of Harry Potter and the Philosopher's Stone was another big seller.
It was a first edition signed by author JK Rowling and went for a magical £10,755.
An early Beatrix Potter book also went under the hammer, with a copy of The Tale of Peter Rabbit fetching £41,825 on Friday.