Ming Dynasty 'chicken cup' sells for record $36 million

An 8.2-centimeter-tall porcelain cup from the Ming Dynasty (1368-1644) fetched a staggering HK$281.24 million ($36 million) at an auction in Hong Kong on Tuesday, setting a new record for Chinese porcelain at auction.

Shanghai billionaire Liu Yiqian won the bidding via a telephone consignment.

The cup, which is in pristine condition, was made using the doucai method of fashioning porcelain that began during the Ming Dynasty, and was used for appreciation, not for display. It is commonly known as a "chicken cup" because it is decorated with paintings of chickens.