Auction record set for American silverware - 26/01/2010

A new auction record for American silverware has been set with the sale of a punch bowl by Cornelius Kierstede.

The piece, which was made in New York between 1700 and 1710, sold at Sotheby's for $5,906,500 (£3,656,500).

Incredibly, the pre-sale estimate had been placed at $400,000 to $800,000 (£250,000 - £500,000), with the auctioneer opening the bidding at $275,000 (£170,000).

It is the highest-ever total for an item of American silver, beating the previous record seven times over.

Furthermore, it is the second highest price ever paid for a piece of silver at auction, according to Art Daily.

The previous record was for the purchase of a 1660 wine cup and a 1715 two-handled cup and cover, which were sold at Sotheby's in 2001 and 2002 respectively for £775,750 (£480,400).

The winning bidder for the Cornelius Kierstede punch bowl remained anonymous.