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  Auction Law of PRC  

Article 15 An auction master shall satisfy the following requirements:
(1) having acquired a 3-year college education or higher education and professional knowledge about auction;
(2) having worked two years at least in an auction enterprise; and
(3) being a person of good conduct.
If a person has been discharged from public employment or his qualification
certificate of auction master rescinded for less than five years or has been subjected to criminal punishment for intentional offense, he shall not be employed as an auction master.

Article 16 Examination for qualification of auction masters shall be arranged
exclusively by the Auction Trade Association. Persons who pass the examination shall be issued qualification certificates for auction masters by the said association.

Article 17 The Auction Trade Association is a public organization legal person
established in accordance with law and a self-disciplined organization for the trade of auction. The Auction Trade Association shall, in accordance with this Law and its own Articles of Association, exercise supervision over auction enterprises and masters.

Article 18 An auctioneer shall have the right to request his clients to make clear the origins and defects of the objects of auction.
An auctioneer shall make defects of the objects of auction known to bidders.
Article 19 An auctioneer shall have the obligation of taking care of the articles or goods delivered by his clients to him for auction sale.

Article 20 After accepting authorization, the auctioneer may not authorize another auctioneer to perform the auction without prior consent of his client.

Article 21 An auctioneer shall keep the identity of his client or vendee confidential if so requested.

Article 22 An auctioneer and his employees may not get involved as bidders in the auction sale which is arranged by themselves and may not authorize another to act as a bidder on their behalf.

Article 23 An auctioneer may not put his own articles or goods or property right on an auction sale which is arranged by himself.

Article 24 When an auction transaction is concluded, the auctioneer shall deliver the money paid for the objects of auction to the clients as agreed and transfer the objects of auction to the vendees as agreed.

 



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