This is known as an Artist's Rest or Mahl stick (apparently the name comes from 17th century Dutch); The stick is held against the canvas by the painter or sign-writer, allowing a steady hand for fine or intricate work
These can come in various forms from carbon-fibre to metal and wood. Some versions have a leather-wrapped end.
This one is hand-carved from oak (sourced from the wonderful folks @thetimberrack) and is made for a right-handed painter and so it has a slightly chamfered edge for the heel or side of the right hand.
These are approximately 23" long (~58cm) and have grooved finger and thumb indentations for easier grip.
Left-handed sticks can be made to order.
Hardwood versions are £28