A circular lacquer box carved for the Chinese Emperor Yongle almost six centuries ago was yesterday sold at auction for a world record of more than $12 million.
An anonymous private collector bidding by telephone at a Christie's auction in Hong Kong bought the piece for almost 10 times its pre-sale estimate.
The early Ming Dynasty red box carved with peonies and vines had been displayed to potential buyers in the US, Japan and Taiwan before arriving in Hong Kong for sale.
'The buzz around the piece was phenomenal,' said Pola Antebi, director of the Chinese Ceramics and Works of Art Department at Christie's.
The box - part of a 26-piece private collection billed as the most important lacquer collection ever auctioned by Christie's - was exceptional for its condition, size and workmanship, she said.
The sale represented a coming of age for lacquer, with prices above expectations across the collection, which fetched more than $25.7 million, Ms Antebi said.
'Traditionally it has been undervalued and I think when you put a great collection of lacquer together, people are able to compare with other mediums and really recognise the beauty and importance of this medium,' she said.