Antique tea brick fetches record $1.2 million in China
A compressed brick of tea dating back at least a century was auctioned off at a record price of $1.2 million in central China's Hubei province. The tea "cake", dark brown in appearance and fermented for dozens of years, was produced during the Qing dynasty, China's last dynastic period stretching from 1644 to 1912. This type of tea usually contains hundreds of layers of pressed leaves that are allowed to ferment under controlled conditions. Demand for black and green fermented teas has been growing steadily in China, where they are seen both as everyday luxuries and as investments. This has given rise to reports of inconsistent quality and fears of a new investment bubble forming. The auction winner, who owns a trading company in Shenzhen, claims the tea brick may be worth up to $1.3 million.