Watch: A Memorable Gift for 'The Hobbit'

Peter Jackson's The Hobbit: An Unexpected Journey premieres tonight in Wellington, New Zealand, and in celebration we have a first look at a clip from the film!

Video: New 'Hobbit' Production Diary Footage

The long-awaited big-screen adaptation of J.R.R. Tolkien's Middle-earth fantasy adventure follows the adventures of the diminutive Hobbit Bilbo Baggins (played by Martin Freeman) as he journeys with a group of 13 Dwarves to reclaim the lost Dwarf Kingdom of Erebor from the fearsome dragon Smaug. On the way, they must battle treacherous Goblins and Orcs, deadly Wargs and sly Sorcerers. And when Bilbo gains possession of Gollum's (the returning Andy Serkis) "precious" ring, the fate of Middle-earth hangs in the balance.

The clip shows the pivotal moment in which Gandalf the Wizard (reprised by Sir Ian McKellen) gifts Bilbo with Sting, a very special sword.

The epic film also features returning The Lord of the Rings cast members Cate Blanchett, Ian Holm, Christopher Lee, Hugo Weaving and Elijah Wood. Other cast members include Richard Armitage, Manu Bennett, Jed Brophy, Adam Brown, John Callen, Mark Hadlow, Peter Hambleton, Barry Humphries, Stephen Hunter, William Kircher, Sylvester McCoy, Bret McKenzie, Graham McTavish, James Nesbitt, Dean O'Gorman, Conan Stevens, Ken Stott and Aidan Turner.

Video: Go Behind the Scenes of 'The Hobbit'

The Hobbit: An Unexpected Journey rides into theaters in 3D and 2D in select theaters and IMAX on December 14. The Hobbit: The Desolation of Smaug will be released Dec. 13, 2013; while the third installment in the series, The Hobbit: There and Back Again, will hit theaters July 18, 2014.