Shanghai billionaire Liu Yiqian won the bidding over the telephone for the 8.2-centimetre-tall cup at an auction in Hong Kong yesterday, state-run China Daily reported.
The cup, which is in pristine condition, was made using the doucai method of fashioning porcelain that began during the Ming Dynasty,(1368-1644)and was used for appreciation, not for display.
It is commonly known as a "chicken cup" because it is decorated with paintings of chickens.
The cup celebrates the pinnacle of the Chenghua style of porcelain-making from 1465 to 1487 that is renowned for refining the doucai method.
Historians say this particular style is an important variation of Chinese porcelain because it features a contrast of over glaze enamel - which is applied on top of an existing glaze - paired with under glaze outlines - or decorations applied to the surface of a ceramic before it is glazed.
Rich tones of yellow, red, olive green and under glaze blue are common during this period.
"There is nothing rarer in the Chinese porcelain than a Chenghua chicken cup. There are less than 20 genuine ones in the world," said Giuseppe Eskenazi, a London dealer of Chinese antiques who once owned the cup and made unsuccessful bids yesterday.