A 500 year-old globe bought for just 200 pounds ($266) at an antiques fair in Wales was sold for more than $150,000 at an auction in the English county of Derbyshire.

The globe dates back to 1550 and depicts a world before many Europeans knew about the existence of Australia. 

The country appears on the globe as part of a southern landmass called "Terra Incognita" (unknown land) and is empty.

"The age of our globe firmly places it among the rarest in existence," said Jim Spencer of Hansons Auctioneers. 

"It's older than other terrestrial globes in many major museums, including the British Library and British Museum."

What made it even more remarkable is that the globe was discovered at a free valuation.

"The vendor had a number of objects and was unsure if the globe was anything of great significance, so one of the valuers called me over to take a look. I expected to pick up a modern reproduction, but I was instantly struck by the engraved gores, [the printed panels, or segments that form the surface of the globe] which indicated authentic age," Spencer said.

READ MORE

Meat and dairy firms set to increase GHG emissions

NATO members threatening Russia, says Putin

The 20 year-old who wants to clean the oceans

The globe is made by, or is a derivative of one made by, Francois Demongenet, a French physicist and geographer. He is best known for a set of globe gores that became a model for other engravers and carvers of miniature globes.

The globe also has many country names that would be unrecognizable to modern eyes.

Japan is called ‘Sipannge’; islands near Java are termed ‘Gryforum Insule’; North America is marked 'Devicta ann 1530'; and South America is marked 'Nova Terra Inventa anno 1492' and 'Canibales Tropophagi'.

"It's amazing to think of all the historical events this delicate little globe has survived. As well as coming through two world wars, it was made a century before the Great Fire of London in 1666. To me, it feels like a museum piece."