The dish, made in China in the 12th century and up for auction in Norfolk, was meant to sell for no more than £600.

But an 'intense' bidding war, with collectors from Asia, the UK and continental Europe all vying to buy the ceramic bowl, saw the price soar to 200 times its pre-sale estimate.

When the hammer eventually went down, the dish, originally used for washing calligraphy and paint brushes, was sold to a buyer from Italy for an astounding £120,000.

The piece came from a Norfolk estate and was among a number acquired by a family member in Hong Kong in the 1930s. 

It dates from the Southern Song dynasty (1127-1279) - a period which saw technological advances in ceramics which are much sought-after by collectors.

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It was one of four Song dynasty pieces in Keys’ monthly antiques, pictures and collectables sale. The other three all sold close to their pre-sale estimates.

Keys ceramics expert David Broom said: “We knew this dish would be of interest, because it features one of the most prized glazes of the Song dynasty, but no-one could have predicted the intense bidding war which occurred once the sale got under way.

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“Even though the dish was slightly marred by a crack to its well, this did not put off a group of very determined buyers, who took the bidding through 237 bidding increments before arriving at the hammer price of £120,000.”

This is not the first time a bidding war has broken out over a Chinese piece at Keys. In 2022, a small Chinese lacquered box sold for £63,000, many times its pre-sale estimate of £30 to £40.

Keys' next sale is their three-day summer fine sale which takes place from July 24 to 26.