The Auction Law was promulgated in 1996 and amended in 2004 and 2015 respectively. The latest revision entered into force on April 24, 2015.

There are 68 articles in total.

The key points are as follows:

1.This Law applies to auction activities conducted by auction enterprises within the territory of China. And this Law shall apply to foreigners, foreign enterprises and organizations that authorize auction or participate in bidding within the territory of the People’s Republic of China.

2.Articles or goods or property rights prohibited for sale by laws or administrative rules and regulations shall not be made objects of auction.

3.With respect to the cultural relics under authorization for auction, they shall, prior to their auction, be subject to appraisal and permission given according to law by the administrative department for cultural relics in the place where the auctioneer’s residence is located.

4.To obtain a permit for engaging in the auction business, an auction enterprise must undergo the review and approval procedure with the government.