Classic novel makes £32,400
The book, which sold for 32,400, contains a dedication to the daughter of Cornish author Sir Arthur Quiller-Couch, the man said to have inspired the character of Ratty.
It had been expected to fetch between 3,000 and 5,000, but attracted what London auction house Bonhams described as "fierce bidding".
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Hide AdThe inscription reads: "To Foy Felicia Quiller Couch from her affectionate friend Kenneth Grahame, Oct. 1908."
Grahame, who was born in Edinburgh, often stayed at Sir Arthur's home, where he found the inspiration for the classic children's tale.