Rare jug sells for double as silver prices soar

The bear-shaped jug sold for more than double its guide price

A rare silver jug in the shape of a bear sold for more than double its guide price, as the global value of silver hit a record high.

The item, which dates back to 1875, fetched £17,000 at Gildings Auctioneers in Market Harborough, Leicestershire, on Tuesday.

The jug is one of only two examples found in auction records, according to the auctioneers.

The sale highlighted the "unprecedented demand for silver", they said.

The silverware, in the form of a seated bear with an outstretched paw, was made by Robert Hennell of Hennell, a "renowned silversmith" established in 1736 in London.

Despite having a guide price of between £5,000 and £8,000, the jug was sold to a specialist dealer on the phone for £17,000.

Will Gilding, director at Gildings Auctioneers, said the sale "surpassed all expectations".

Other silver lots in the sale also sold above their guide prices, with a silver-plated Victorian lobster-shaped inkwell fetching £900 against an estimate of between £400 and £600.

Mr Gilding added: "With global silver prices reaching an all-time high, it's not surprising that we saw great results for silver across the auction in addition to the standout result for the bear."

The value of silver has risen by more than 78% this year, according to Forbes.