It does not take much time, even on large tables. Have you defined the default order in the Metamodel class ? Perhaps he orders a default non-indexed field, which will cause the slowdown you see.
In any case, to get the most recent entries, order them using the primary key (which will be indexed):
itemobjects = Items.objects.all().order_by('-pk')[:10]
/edit: : , , . Item Items.