A “rare and magnificent” Yuan Dynasty jar was sold for £2.6 million at Sotheby’s in London day.

The Chinese vessel was described as an example of 14th century blue and white porcelain which is “undoubtedly one of the greatest contributions to the art of ceramics in history”.

It was sold by a private Portuguese Collection and had carried an estimate of between £400,000 and £600,000.

But after competition from four bidders earlier today, it finally sold to an anonymous telephone buyer for more than six times the expected price.

The fine peony painting on the jar is a typical characteristic of Yuan porcelain design.

But the depiction of the petals on the lotus bloom on the jar is considered particularly distinctive, with the petals folding over to reveal the heart of the bloom, and the stamen also prominently displayed.

A Sotheby’s spokesman said: “A rare and magnificent Yuan Dynasty Blue and White ‘Peony’ jar sold for the exceptional sum of £2.6 million.

“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.”

The sale was part of Sotheby’s biannual Fine Chinese ceramics and works of art sale.