Cai Mingchao, a well-known antique collector, identified himself as the mystery bidder in a statement released in Beijing by the National Treasures Fund, which is dedicated to retrieving Chinese relics from abroad.
"I believe that any Chinese person would stand up at this time... I am making an effort to fulfill my own responsibilities," Cai said.
"But I must stress that this money I cannot pay."
The BBC has (5.56 GMT) issued a report with a video clip of the interview ("China relics buyer refuses to pay").
See also BBC video showing the other heads.