World record price paid for Belgian racing pigeon Bolt 21 May 2013 Last updated at 15:52 A Belgian racing pigeon called Bolt has been sold to a Chinese businessman for a world record price of 310,000 euros (£260,000: $400,000). It is expected that the new owner will use Bolt for breeding more birds. The buyers of nine of the ten most expensive pigeons sold at the auction were from China or Taiwan. Bolt was bred by celebrated Belgian pigeon fancier Leo Heremans, who sold his entire collection at the same auction. A painting made by Picasso is worth more than one made by an unknown artist. It's the same with this pigeon," Nikolaas Gyselbrecht of pigeon auction site Pipa told Reuters. The pigeon is named after the Olympic gold-winning Jamaican sprinter Usain Bolt. Mr Heremans' entire collection of 530 birds sold for 4.3m euros at the auction. In 2011, a UK record was set for the price of a racing pigeon when one was sold for £16,000, also to a Chinese buyer.