A rare Bermudian antique has been sold for $62,500 – exceeding the expected amount by more than $12,000.

The Bermuda silver tankard, made on the Island in around 1710 by Thomas Savage Sr., a silversmith who worked in both Boston and Bermuda, was auctioned off at the weekend by Sotheby's in New York.

Measuring just seven inches high and engraved with the initials I/IM, believed to be those of John Jennings Jr., who died in 1733, and his wife Mary Stowe, who died after 1742, it was expected to sell for between $30,000 to $50,000.

John Jennings Jr. was a second generation Bermudian whose grandfather Richard Jennings came to Bermuda in the mid 17th century.

The tankard descended through this branch of the Jennings family which eventually married into the Butterfield family in 1836. The previous owner of the tankard is a direct descendant of Nathaniel Butterfield, founder of the Bank of Butterfield, who for years has kept the piece in a safe.

Realising the importance of the tankard to Bermuda's early history, the previous owner now hopes that the auction will see the piece return to its native land.

A Sotheby's spokesperson said of the piece prior to the sale: "Since the tankard has been out of Bermuda for quite some time the consignor would be especially delighted if the tankard would return to the place it was made."

"Bermuda silver is extremely rare and does not frequently show up at auction," she said. "Only 38 silversmiths are known to have worked in Bermuda between 1650 and 1900, and the majority made small objects such as spoons, buckles and buttons.

"Only seven silversmiths were known to have made larger objects, and only 30 of these objects are known today," she added.

Since 1998, Sotheby's has only sold one other tankard believed to be made in Bermuda.

Bermuda Antiques and Fine Art Expert, Nicoholas Lusher said: "As far as the antiques and fine are market goes, presently the macro-economy is very poor and probably only going to get worse in up-coming months.

"However, for items of excellent quality and for certain niche markets there is still great buoyancy.

"This is reflected in the sale of this very rare and scarce early Bermuda Tankard."