A TINY sketch of a portrait of the Queen has sold for a record-breaking £24,000 at auction.

The oil sketch was one of a number of studies by Royal artist Richard Stone when he painting a portrait of the Queen to mark the 800th anniversary of the granting of Colchester’s Royal Charter.

The sketch went on sale at Colchester auctioneers Reeman Dansie yesterday with a guide price of £800.

However, frantic bidding saw the price soar to £24,000 - a world record price for a sketch by Mr Stone.

The painting was in a carved gilt wood frame measuring just 25cm by 19cm and was painted from sittings which took place at Buckingham Palace between 1989 and 1991.

The completed portrait was unveiled at the National Portrait Gallery in London before being presented to Colchester Council. It still hangs in the Moot Hall.

James Grinter, who is the managing director of Reeman Dansie, said bids in the room reached £2,000 but then five telephone bidders fought it out.

He said: “They were major London and international buyers. We had been hoping for about £1,000 but the market decided it was worth a lot more.

“Richard Stone is a world-renowned artist who is highly regarded and obviously the Queen has just celebrated her 90th birthday.

“The bids were going up in increments of £100 until £10,000 and they by £1,000. It was exciting.”

Mr Grinter said the winning bidder came from a London gallery acting on behalf of a private client.

Mr Stone, who lives in West Bergholt, was watching the auction online.

He said he was humbled by the interest in the sketch.

He added: “It was a white knuckle ride. I am delighted. I started to pinch myself, it made such a wonderful sum.”

Mr Stone suggested the idea of the portrait to mark the anniversary and Sir Bob Russell, who was then the Colchester mayor, approached the palace.

Mr Stone, who has also painted portraits of the Queen Mother and several other members of the Royal family, completed the Queen’s portrait following nine sittings.

He said: “The little study was painted in order to set a pose. I had painted her head and knew how she should look so this was to establish how she should sit. It was a preliminary sketch. “

Mr Stone has also painted portraits of a number of world leaders and his portrait of Nelson Mandela sold at auction for £400,000 of Mr Mandela’s charity 46664.