A rare teddy bear initially valued at £2,500 was auctioned for more than ten times as much.

The 90-year-old black Steiff mohair bear attracted a winning bid of £27,053.75 at Gorringes in North Street, Lewes, yesterday.

The bear is thought to be one of only 600 made in black to commemorate the sinking of the Titanic in 1912. Only a few survive today.

The winning bidder was an anonymous private collector, who took part by telephone.

Nick Muston, an associate partner at Gorringes, said: "When the bids went over the £15,000 bracket, it became very exciting."

Mr Muston was responsible for taking the winning bidder's offer.

He said: "He was very cool and calm on the phone. Some people get a bit agitated but he didn't."

The bear had been owned by the same Sussex family since new and was offered in good condition, with just two tears on its legs.

The owner putting it up for sale was so thrilled by the outcome, she kissed auctioneer Paul Campbell.

Mr Muston said: "The vendors were shaking like leaves. They were amazed at the final price."

The bear was part of a specialist toy auction, which included a private collection of more than 130 lots of British lead soldiers, which sold for a total £35,000.

Overall, the toy section raised £70,000.