Amphorae like this were filled with olive oil and given as a prize at the Panathenaic festival, an Ancient Greek celebration that took place once every four years in Athens. It included athletic competitions, cultural events, religious festivals and prize-giving ceremonies. It honoured Athena, goddess of wisdom, courage, and inspiration.

On this amphora Athena is depicted as Athena Promechos, goddess of war. With her are two Little Owls, traditional representations of the goddess which have been adopted around the world as a symbol of wisdom.

This amphora is thought to be a festival souvenir rather than a competitor's prize.