This is an antique, early 20th century, porcelain vase that was produced in Japan by Noritake which was founded by the Morimura Brothers in the late 19th century. Nippon is the Japanese phonetic word for Japan. the mark on this was used from 1911 - 1921. The vase is done in the 'cottage on lake at sunset' design motif which was popular on wares from Japan from the late 19th century through the 1930's. The raised areas on the surface are applied enamel and referred to as 'moriage'. It would be *highly* unusual and unprecedented for a 7.5" cottage motif Noritake vase to sell for $20,000 in the 1970s or even today. Either the buyer was egregiously swindled or the story of the price paid inflated over the years. The estimate is based on actual recent past recorded auction sales of comparables. Retail 'asking prices' can be higher and vary.