No bidders registered for an Indonesian auction of more than 270,000 treasures recovered from a 10th-century Chinese shipwreck.

A $16 million deposit was required of bidders. The sale was only announced one week ago.

The auction included mostly ceramics as well as some delicate jewel-studded gold jewellery, crystal ware and swords with Arabic inscriptions

The treasure trove was found off West Java in 2004. Organizers expected the discovery to sell for at least $80 million. A second auction will be attempted.