10 Million Dollars: Price Tag for MLK's Final 'I Have a Dream' Draft

Experts estimate that a handwritten draft of Martin Luther King Jr.'s 'I Have a Dream' speech could fetch upwards of 10 million US dollars when it goes to auction next year. The seven-page document was written on yellow notepaper in a hotel room the night before the March on Washington for Jobs and Freedom on August 28, 1963. It represents the only known copy of King’s final revisions before the text was sent to be typed.

The manuscript was found by Xernona Clayton, a civil rights activist and broadcaster, in the 1990s. She located the pages in the belongings of her late husband, Edward T. Clayton, who served as King’s longtime aide and speechwriter. For decades, the document remained in a desk drawer. Clayton said she kept the memorabilia private out of respect for her husband, whom she described as someone she loved deeply. At 96 years old, she now believes the document should be shared with the public.

The sale will benefit the Still Marching Irrevocable Charitable Unitrust, a charity founded by Clayton. Proceeds are designated for various organizations, including the King Center in Atlanta, which King established with his wife, Coretta Scott King. The manuscript will be exhibited in Atlanta, Chicago, and New York City before the auction. Christie's in New York is set to host the sale on January 22, 2027. Peter Klarnet, a manuscripts specialist at the auction house, described seeing the pages as a moment of utter disbelief.

Lerone Martin, director of the Martin Luther King Jr. Research and Education Institute at Stanford University, reviewed the physical evidence of King’s process. The pages show words and sentences crossed out in blue pen and rewritten. One page features a small brown smudge, possibly a coffee stain. Martin noted that King was primarily an orator who rarely wrote down his words, making this glimpse into his creative process rare.

Notably, the phrase 'I have a dream' does not appear in the handwritten draft. This aligns with the typed version that followed. King had used variations of this theme in previous rallies in North Carolina, Detroit, and New York. His colleagues initially advised him to drop the refrain, considering it overdone. However, during the actual speech, King responded to the enthusiastic audience. He was reportedly prompted by gospel singer Mahalia Jackson to tell the crowd about the dream, leading to the iconic improvisation.

The speech focused on what King called the evil triplets: poverty, racism, and war. Martin said these themes remain relevant as the United States debates the meaning of the American dream. He expressed hope that the manuscript will end up in a public space rather than a private collection. The discovery marks the first time in six decades that this specific final draft has been made public. Clayton did not respond to recent requests for comment.