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Historic charter fetches record $18m at auction
Two of Canada's wealthiest families have purchased the 1670 Hudson's Bay Company Royal Charter for C$18 million ($13 million; £9.6 million), ensuring the nation's founding document remains in public hands.
Bankruptcy triggers rare sale
The 355-year-old charter, which granted the Hudson's Bay Company sweeping authority over vast territories now part of Canada, was put up for auction after the corporation filed for bankruptcy earlier this year. The document had long been a prized corporate asset.
Joint custody for national heritage
The winning bid, submitted by firms linked to the Weston family and David Thomson-chairman of Thomson Reuters-includes a C$5 million donation to support the charter's preservation and public exhibition. A court must still approve the final transaction.
The document will be held in shared custody by four Canadian institutions: the Archives of Manitoba, the Manitoba Museum, the Canadian Museum of History, and the Royal Ontario Museum.
Indigenous history at the forefront
The Hudson's Bay Company stated that the charter's new custodians will collaborate with Indigenous communities to acknowledge and interpret its complex legacy. The document underpinned the company's dual role as both a commercial enterprise and a governing authority in early Canada.
"The Charter will be placed in the care of trusted institutions committed to working in consultation with Indigenous communities so its history can be shared with all Canadians,"
Hudson's Bay Company statement
A legacy of power and controversy
Granted by King Charles II in 1670, the charter empowered the Hudson's Bay Company to enact laws, establish colonies, and negotiate treaties with Indigenous peoples across much of present-day Canada. Historian Cody Groat of Western University noted that the document served as the legal basis for the company's later sale of its North American territories to Canada in 1869-without Indigenous consent.
"The company used the charter's language to operate as both a corporation and a government. It could pass legislation and negotiate treaties-all tied to this single document,"
Cody Groat, Assistant Professor of History and Indigenous Studies, Western University
From Windsor Castle to Canadian archives
The charter's journey spans centuries: initially housed at Windsor Castle, it moved to the company's London headquarters before being relocated to a rural Hertfordshire estate during World War II to escape bombing raids. It later returned to Canada in the 1970s, residing at the Hudson's Bay Company's Toronto offices.
While much of the company's archival material was donated to Manitoba in the 1990s, the charter remained in private hands-until financial struggles forced its sale this year.
Public pressure drives preservation
As the Hudson's Bay Company liquidated assets amid bankruptcy, advocates pushed to keep the charter accessible. Dr. Groat observed a growing trend of wealthy families and corporations stepping in to purchase historically significant items for public institutions.
The successful bidders-DKRT Family Corp (affiliated with David Thomson) and Wittington Investments (owned by the Weston family)-prevailed in Wednesday's auction, securing the charter's future in Canada.
