As the price flew skywards, an audience of middle-aged Chinese men erupted into cheers before the auctioneer slammed his hammer down at a record-breaking 2 million yuan – US$320,000.
The object of the frenzied bidding – a grey and white racing pigeon – responded with a gentle cooing, its beady red eye scanning the smoke-filled auction room.
Drawing on an age-old tradition, racing birds have become a plaything for rich entrepreneurs in China.
“Two decades ago, 400,000 (yuan) was considered a sky-high price. Prices are going up around 10 per cent every year,” declared Zhou Zhuanhong, who presided over the auction in Beijing last month.
But the sale was not entirely what it seemed. The buyer – pharmaceutical baron Guo Weicheng – was bidding for his own bird, even though he had to pay the club holding the auction a 40 per cent commission.
Nonetheless dozens of deals including several worth more than US$100,000 were genuine transactions, according to those watching the sale, where high-rollers with chain-smoking entourages tucked birds in cardboard boxes under their dining tables.