Pigeon prices fly high on China demand

To most city dwellers, pigeons are vermin. Gourmands might contend that they can make a nice lunch. But pay more than 100,000 euros ($113,400) for a pigeon?

It has become increasingly common, driven largely by interest in pigeon racing among China's newly rich, Bloomberg Markets reports in its March issue. In May 2013, Chinese businessman Gao Fuxin set a record, paying 310,000 euros in an online auction for a pigeon named Bolt, after Jamaican sprinter Usain Bolt.

The previous record was 250,400 euros paid by a Chinese shipping tycoon in 2012.