A TEESSIDE-BASED toy auctioneer, which claims to be the largest in the world, is to open in the US.

Vectis of Thornaby has a turnover of more than £5m a year and has just bought The Diecast Toy Exchange in York, Pennsylvania.

Bryan Goodall, who has owned Vectis for seven years, said the acquisition was part of ongoing expansion plans. The company has already taken over all toy sales for Sotheby's in the UK and bought Barry Potter Auctions.

The latest acquisition will be called Vectis USA, and will cover all aspects of toy collecting, from tinplate and diecast to trains, dolls and teddy bears.

Mr Goodall said it was a natural progression as many of the dealers and collectors they already dealt with lived in North America.

The acquisition will also allow them to sell different collections in the most suitable places. Diecast toys acquired in America, which would sell better in the UK, will be auctioned in Buckingham.

"Items acquired in the UK, Europe and elsewhere that we think will get a better return for their owners by being sold in the US will be sold there," said Mr Goodall. "I believe we are the first auction house to look at selling toys in this way."

The company has consistently gained high prices for the toys it has sold with several world records being achieved.

A Dinky Toy Foden lorry sold in March for £12,000 and in November last year a Dinky Toy tanker which had never been taken out of its box sold for £9,200. In 2001 a miniature Magirus Deutz crane truck sold for £6,500, setting a world record for a Matchbox toy, and last year a train allegedly owned by Tsar Nicholas ll sold for £22,000.

"We have become a very successful business which I intend to double over the next few years," said Mr Goodall.

He said people bought and sold toys for a variety of reasons, including both pleasure and investment.

"We have seen a huge interest in toys from an investment point of view since September 11 and the downturn in the stock market, with toys doing far better than other areas of investment," said Mr Goodall. "Mint and boxed Dinky Toys rose on average between 15pc and 18pc in the last year and we expect this to continue."

The company plans to hold five auctions in York, Pennsylvania,the home of toy collecting in the USA, this year. By the end of this year Vectis will have held about 40 auctions in the UK based in Buckingham, Rugby and at its Thornaby headquarters.