More than 600 guests attended, with one bidder pledging £105,000 for a statue by Antony Gormley

The Labour party believes it is on course to have raised up to £500,000 from its gala dinner on Wednesday night which saw one bidder pledge more than £100,000 for a sculpture by Sir Antony Gormley.

Senior Labour figures believe that the gala dinner, organised by Dame Tessa Jowell, succeeded in raising large amounts to help fund the party's general election campaign.

"We had works of art and they all just had some rather flashy stuff," one Labour source said of the contrast between its gala dinner at the Roundhouse and last week's Tory fundraiser at the riverside Hurlingham Club in Fulham, south west London.

The Labour event, which was compered by Stephen Fry, saw a series of money-spinning pledges for works by some of Britain's leading artists. The Financial Times reported that one bidder pledged more than £105,000 for Gormley's cast-iron statue, Small Turn III (2013). A ceramic lion emblazoned with the words "Vote Labour" by Grayson Perry, which featured in the Guardian earlier this week, fetched £42,000, according to a Labour MP quoted by the FT.

An untitled gouache on paper – a float inside a window mount – donated by Sir Anish Kapoor raised £36,000. An editioned model of the proposed 50m (164ft) sculpture for Ebbsfleet, Kent – White Horse (2011) – by Mark Wallinger raised £12,000.

Mary Creagh, the shadow transport secretary, said that Fry opened the event with a joke at the Tories' expense. He said: "Unlike the Tories we will have a grouse shoot against racism" in reference to the Tories having auctioned a "fantastic eight-gun pheasant shoot" in Oxfordshire at their summer ball.

Fry told the gala that Labour must defeat "a rancid regime which looks after the rich and reprehensible", according to a tweet by the Unite member Mark Latham.

More than 600 guests attended the dinner where a "premium table" for nine people cost £15,000. The "donation element" was set at £7,000, according to the Labour party website, allowing donors to avoid making a declaration under Electoral Commission rules. The ceiling for donations was £7,500.

A "premium table" was "in a central position in the room" with a "political host on each table". It also gave a guaranteed entry to the afterparty. The other tables were a "gala table" for £10,000 and a "standard table" at £5,000.