LONDON: A rare Chinese teapot sold at an auction on Monday (Nov 11) for £1 million (US$1.3 million) - about 1,000 times the original auction value, the BBC reported.
Auctioneers had valued the teapot between US$1,285 and US$2,570 but in just 10 minutes, it sold for about US$1.3 million, the BBC reported.
The light green teapot, standing at 13cm, was described by Duke's Auctions as a "rare celadon-glaze pear-shaped teapot with a Qianlong seal mark". The seal is a mark of the Qianlong emperor who ruled China from 1736 to 1795, the BBC said.
The lid of the teapot, which had minor damage, bears a peach and a pip - a symbol of immortality and unity in Imperial China, according to the Telegraph.
The teapot was discovered during a routine valuation, the BBC reported, but it gained interest from "hundreds of collectors and dealers" at an exhibition.
There was an "international bidding war" among 10 buyers for the teapot, the Telegraph said. The successful bidder offered US$1 million, before the auction house fees were taken into account.
There was stunned applause in the auction house following the sale, said the Telegraph.
The original owner of the teapot was unaware of its significance until an expert uncovered its value.