Sotheby's said a mainland Chinese collector was the winning bidder at today's auction.
The cup measures just 8 centimetres in diameter. It's known as a "chicken cup" because it's decorated with a rooster, hen and their chicks.
It was made during the reign of the Ming Dynasty's Chenghua Emperor, who ruled from 1465 to 1487.
Sotheby's said the previous record for Chinese porcelain was set in 2010 when a Qianlong vase sold for USD 32.4 million.
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