An ancient vase with a floor price of HK$90 million (US$11.6 million) is expected to set a world record for a piece of Chinese art at an upcoming auction in Hong Kong, according to Sotheby's on Tuesday.

"We have been waiting for the right time to present this great treasure. The time is now ripe as the market for Chinese art is hot," said Nicolas Chow, Sotheby's head of Chinese ceramics and works of art department.

The 16.5-cm-tall ceramic piece, on display yesterday in Beijing, will go under the hammer at the auction house's autumn sale on October 23. The seller is believed to be an overseas private collector, according to today's China Daily.

Its floor price is double the present record for ceramics from the Qing Dynasty (1644-1911) of HK$44.92 million (US$5.4 million), set by a vase at a Sotheby's Hong Kong auction in June.

The current world record for a Chinese or Asian work of art was set in June when a blue-and-white 14th century ceramic jar was sold for more than US$25 million at Christie's in London.

Collectors from the mainland, Taiwan, the US and Japan have shown interest in bidding, said Chow.

The vase is expected to cause more of a sensation than in June, as it is a masterpiece representing the best craftsmanship of Chinese ceramics, which peaked in the 18th century, according to Chow.

(China Daily October 12, 2005)