Only 50 eggs were ever produced, and the Winter Egg is among just seven still in private hands. None have appeared at auction for more than two decades, with the rest either unaccounted for or held by museums.

One can only pity the anonymous buyer who dropped £22.9m on a vintage Fabergé egg this week. Who hasn’t panic-bought a hideous luxury item at this time of year?

Kieran McCarthy of Wartski said on Wednesday the egg was purchased at a Midwestern antique fair for about $US14,000 ($A15,389). The buyer only began to suspect its ...