A 10th Century treasure from the wreck found off Cirebon, Java
An Indonesian auction of more than 270,000 treasures recovered from a 10th Century Chinese shipwreck has failed to attract a single bidder.
Organisers had hoped the sale would raise $80m (£52.7m), which would have been one of the largest sums raised at auction in the country.
Officials said there had been some 20 expressions of interest but no-one paid the $16m deposit required to bid.
They said a second sale would be held at a later date.
The treasure, found on a 10th Century Chinese ship off the coast of West Java in 2004, is believed to be one of the largest troves ever found in Asia.
In total some 271,000 items were being offered at the sale in the capital, Jakarta.
"Ceramics account for about 90% of the findings," Aris Kabul, secretary of the auction committee had told Reuters.
Others items include delicate jewel-studded gold jewellery, crystal ware and swords with Arabic inscriptions.
The amount raised was to have been split equally between the government and the treasure hunters who retrieved the goods from the sunken ship.
"The cost of the removal of the goods from the ancient shipwreck was $10m," said Mr Sudirman, Indonesia's Director General of Maritime, Coastal Areas and Small Islands.
"Indonesia doesn't have the resources to be able to remove these sorts of underwater treasures by ourselves."
Belgian treasure hunter Luc Heymans, who was involved in the salvage operation and was to receive some of the revenue from the sale, said he was not surprised the auction failed.
"The problem is the regulations. I didn't really expect people to come and deposit $16m," he told the AFP news agency.
"Also the timing, the announcement was only five days before the auction. How do you expect people to decide in five days to put $16m on the table? It's a lot of money."
The BBC's Karishma Vaswani in Jakarta says $16m was a hefty price for the organisers to ask for, but they had only wanted serious buyers to attend the sale.
Maritime Affairs Ministry official Ansori Zawawi told AFP the second attempt would take place under new conditions - it was not certain whether the deposit system would remain in place.