Lady Thatcher springs eternal

IS THERE no escape? Her political rule may long be over, and Spitting Image may be facing the chop, but the image of Lady Thatcher is undergoing a new popularity - among collectors of memorabilia.

Thatcher kitsch, mass produced in the eighties and discarded by many as junk, is now in short supply and fetching high prices in the salerooms. Satirical teapots, key-rings and lavatory rolls, which after her fall in 1990 the souvenir shops could not shift, are now regarded as investments. They are being snapped up for more than double the manufacturer's price by collectors who predict a surge in their value in the next 20 years.

"So much of it was produced it was amazing, but now it's hard to find because people who collected it are hanging on to it," said John Pym, manager of Hope and Glory, a London shop specialising in memorabilia. "People are always asking for it. It's just something that in the last 18 months has grabbed people. A Thatcher teapot you could buy for £20 to £25 when it was made now it fetches £50 to £100."

Or more. Last Wednesday, a satirical teapot of the former prime minister with an elongated nose, on sale five years ago for about £25, was expected to fetch £50-£80 but sold at Phillips for £207. A jug made to celebrate her 10th anniversary as prime minister, showing her holding Adam Smith's Wealth of Nations with her handbag at her feet, estimated at £70-£90, sold in the same sale for £104.

The late Marquess of Bath, who filled his private apartments at Longleat with political memorabilia, was one of the few to predict the rise of Thatcheriana. He founded one of the largest collections of "derogatory junk" in Britain - featuring Thatcher snuffboxes, lavatory paper and a Gone with the Wind poster of her with Ronald Reagan - some of which will go on display at Longleat next month.

Ronald Smith, author of a book about Thatcher memorabilia, says that cheeky caricatures are worth the most. "The caricature egg-cup goes for £25 and there are some Toby jugs issued at about £100 which fetch £250. All sorts of things were produced but it's very difficult to find the stuff. Some things are fetching quite a price."

Many items, such as a Spitting Image-type squeaky dog chew, were produced in limited editions by small firms which went bust after she was ousted. Some were left with hundreds of unsaleable plates, statuettes and mugs which found their ways into charity shops. Prestige ceramics firms are generally not involved. Steven Jackson, chairman of the Commemorative Collectors' Association, said: "The big firms tend to steer clear of politics because it moves so fast."

The Thatcher toilet-roll holder and a commemorative plate made in 1976, celebrating the referendum on Europe with Harold Wilson and Jeremy Thorpe alongside her, are thought to be among the most valuable. Also sought- after is a mug commemorating her exit from office, the only piece showing her with her husband, Denis.

"There is a lot of patriotic Britishness about her that her predecessors lacked," said Professor Kenneth Minogue, professor of political science at the London School of Economics, asked to explain her attraction. "You have to go back to Churchill to find someone like her. She slipped very easily into images of Britannia and Boudicca. After the Falklands War she came to represent Britain. She has a very strong identity. You supported her or opposed her but you knew where you stood. She has personality and enthusiasm and these are attractive characteristics - both to opponents and supporters. Among all the froth and waffle she gave direction, and the memory endures."

At auction, Thatcher memorabilia is beginning to outstrip more sober lots featuring Disraeli and Lloyd George. Ceramics experts predict that even Churchill, still the highest-yielding political figure in the salerooms, may one day be matched or overtaken by Lady Thatcher.