Russian Rarity From Ariz. Sells for $1.3M in NYC

This photo provided by Sotheby's shows the front side of a rare miniature portrait of Russian Czar...

This photo provided by Sotheby's shows the front side of a rare miniature portrait of Russian Czar Peter the Great in a diamond-encrusted frame. The back side, not shown, is engraved with a triple-crowned, imperial double-headed eagle. The early 18th century piece will be sold at Sotheby's auction house on Monday, Nov. 2, 2009 and is expected to fetch $80,000 to $120,000. (AP Photo/Sotheby's) NO SALES

(AP)

A miniature portrait of Czar Peter the Great in a diamond-encrusted frame — owned for decades by an Arizona family that didn't realize its historic significance — has been auctioned for $1.3 million.

Sotheby's auction house says the 18th-century Russian treasure was purchased Monday by an anonymous telephone bidder for 10 times its pre-sale estimate of $120,000. The estate of the original owner, George Roberts, learned of its importance during an appraisal over the summer. Roberts purchased it in 1951 from a London dealer.

Experts believe that as few as 10 of the bejeweled miniatures were bestowed by Peter the Great on his subjects. The 3 1/2-inch-high oval portrait sold Monday depicts the czar in a blue cape and a sash. The frame hangs from an imperial crown.

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