An ancient Chinese cup sells for $27 million.

A rare Chinese porcelain bowl sold for nearly $27 million, more than three times the expected price, at a Sotheby's auction in Hong Kong on Wednesday.

The modestly sized, 900-year-old imperial cup, originally valued at around HK$80 million, ultimately sold for HK$208 million (US$26.7 million) to an anonymous buyer over the phone.

This price set a new record for a porcelain object.

An antique cup from the Northern Song Dynasty. Source: auction.artxun.com

This cup, dating from the Northern Song Dynasty (960-1127), broke the 2008 record set by a vase which sold for HKD 67.52 million.

“This is one of the most exquisite works of Chinese porcelain art. Its appearance on the market has caused tremendous excitement,” said Nicolas Chow, Vice President of Sotheby’s Asia.

Eight buyers bid for over 15 minutes in a highly competitive auction. The interest and price paid for the cup are a testament to the promising art market in Asia, a region that has experienced strong economic growth over the past decade.

This cup belongs to a line of antique porcelain believed to have only 79 intact pieces remaining in the world, most of them in museums.

Hong Kong is currently emerging as one of the major auction centers after New York and London, thanks to economic growth in China and demand from Asian collectors, particularly buyers from mainland China.

According to Vietnam+