A newly discovered piece of the Lewis Chessmen set has sold at Sotheby’s in London to an anonymous buyer for £735,000 – a new record for a medieval chess piece at auction.

It was bought for £5 in 1964 by an antiques dealer in Edinburgh and passed down the same family.

The chess piece was stored away in his home before being inherited by his daughter, who believed it was a special piece.

The piece, called a warder, then passed onto the next generation of the family, who approached Sotheby’s.

Alexander Kader, Sotheby’s Co-Worldwide Head of European Sculpture & Works of Art, began a year-long study, a process that included detailed research, art historical analysis and comparison with the Lewis chessmen on display in UK public collections.

Mr Kader said: “This is one of the most exciting and personal rediscoveries to have been made during my career.

"It has been such a privilege to bring this piece of history to auction and it has been amazing having him on view at Sotheby’s over the last week – he has been a huge hit.

"When you hold this characterful warder in your hand or see him in the room, he has real presence.”