A man who bid VND6.05 billion (US$270,000) for a pair of handmade 500-kilogram jars in an auction in Hanoi in May has refused to pay, organizers said Wednesday.

Do Anh Dung, chairman of the Tan Hoang Minh Corporation, refused to pay and the second-highest bidder, the president of another corporation, paid up, a spokesperson for Lac Viet Auction said.

Do Quy Hai, President of Hai Phat Corporation, bid VND6 billion for the jars made by famous artisan Pham Anh Dao in 2010.

Dung’s excuse was that he had only intended to pay VND3 billion for the jars.

He would lose his deposit of VND50 million, Lac Viet Auction said.

News website Vnexpress said Tan Hoang Minh, Dung’s company, also refused to pay after bidding VND1.43 trillion ($64 million) for a piece of land in Ho Chi Minh City last June.

The auction of the jars, which are each two meters high, was the very first artwork auction in Vietnam, and the bitter experience could force people to think twice before launching such auctions again or at least raise the deposit to make sure only serious players bid.