The explosion in value of Chinese Works of Art continues as Sotheby’s announces the $4m sale of a ceramic work that was estimated at a quarter of that price. Here’s what Sotheby’s press department had to say:

This morning at Sotheby’s London a rare and magnificent Yuan Dynasty Blue and White ‘Peony’ Jar, Guan sold for the exceptional sum of £2.6 million/$4.1 million, more than six times pre-sale expectations (estimate £400,000-600,000), in the biannual Fine Chinese Ceramics and Works of Art Sale. The ‘Peony’ Jar, which came to auction from a Private Portuguese Collection, saw competition from four bidders and finally sold to an anonymous buyer on the telephone.

Blue and white wares are undoubtedly one of the greatest contributions to the art of ceramics in history. In shape, design and painting style, the vessel offered for sale is an archetypal example of the 14th century blue and white porcelain, and represents the final stage of the gradual alteration in proportions of the shape known as guan.