Ming Dynasty 'Chicken Cup' Sells for $36 Million
04/08/2014 AT 04:00 PM EDT
A 500-year-old "chicken cup" from the Ming Dynasty sold for $36 million at auction Tuesday, setting an international record, according to Reuters.
Named for its design depicting the farm animal, the relic is one of just 16 such artifacts known to have survived, Reuters reports. This cup was bought by a Shanghai billionaire, who plans to place it in his private museum.
"Every time a chicken cup comes up on the market, it totally redefines prices in the field of Chinese art," Sotheby's deputy chairman Nicolas Chow told Reuters.
The chicken cup was fired in imperial kilns during China's Chenghua period (1465-1487). But experts say the cup didn't win as high a price as they'd expected – likely due to the stagnating Chinese economy.