This George III mahogany and brass bound peat bucket shot to €145,000 (£106,600) at James Adam of Dublin on March 15.

Enjoy unlimited access: just £1 for 12 weeks

Subscribe now

The estimate for the iconic piece of Irish occasional furniture - bought by a relative of the consignor in Dublin in the 1950s or 60s - had been €15,000-20,000.

There was great trade interest up to the €60,000 level, but at that point two private bidders took bidding to unprecedented levels. Trade sources believed the winning telephone bidder was the horse racing magnate and Irish furniture enthusiast John Magnier who was in the Cotswolds for the Cheltenham Festival.