'Song Dynasty' Ceramic Breaks Record at Auction

A 900-year-old dish has smashed the record for Chinese Song Dynasty ceramics sold at auction, fetching $26.7 million.

Sotheby's said Wednesday that eight bidders competed for the Ruyao washer over 15 minutes before it sold for 208 million Hong Kong dollars ($26.7 million). That was triple the pre-sale estimate.

Sotheby's said the price surpassed the previous record set in April 2008 for Song dynasty ceramics, when a vase sold by the auction house went for HK$67.5 million.

The auction house said the flower-shaped bowl was from a private Japanese collection and was "arguably the most desirable piece of Ru official ware remaining in private hands." The auction result underscores Hong Kong's position as the world's third largest auction hub, driven by soaring demand from newly wealthy Chinese collectors.