Page 132 - 朵云轩2024春季艺术品拍卖会云志——历代名人法书墨迹

Auction Law of the People’s Republic of China

the auctioneer to auction his or her articles or property rights. rights, he or she shall provide his or her identity certificate, or the certificate of the
Article 26 Trustees may independently handle trust auction procedures, and may ownership of the auction target as required by the auctioneer, or the certificate or
also ask their agents to handle trust auction procedures for them. other data which can demonstrate that he or she can dispose of the auction target.
Article 27 An trustee shall state the source and drawbacks of his or her auction Article 42 An auctioneer shall verify the relevant documents and data provided by
targets to the auctioneer. his trustee.
Article 28 An trustee has the right to set the retentive price of an auction target to Should the auctioneer accept a trust, he or she shall sign a written contract on trust
the auctioneer. auction with the trustee.
Should the auction of state-owned assets require the evaluation according to law Article 43 Should an auctioneer deem it necessary to verify an auction target, he
or in accordance with State Council provisions, such assets shall be evaluated by or she may do so.
an evaluation agency established according to law and the retentive price of an Should the verification conclusion contradict the conditions of an auction target
auction target shall be set in line with the evaluation result. stated in an auction contract, the auctioneer has the right to demand a change or
Article 29 Before an auction begins, an trustee may withdraw his or her auction rescind the contract.
targets. Should a trustee withdraw his or her auction targets, he or she shall pay Article 44 A contract on a trust auction shall contain the following:
costs as agreed upon to the auctioneer. (1) The names of the trustee and the auctioneer and their residences;
In the absence of an agreement, he or she shall pay the auctioneer reasonable (2) The name, specification, number and quality of an auction target;
costs paid for an auction. (3) The retentive price set by the trustee;
Article 30 Trustees shall not participate in bidding or trust others to providing bid- (4) The time and site of the auction;
ding for them. (5) The delivery of the auction target or the time and form of transferring such an
Article 31 Should an auction target be transferred as agreed upon, after the auc- target;
tion is completed, the trustee shall transfer the auction target to the buyer. (6) The form and the time limit for paying commissions;
Section three Bidders (7) The method and time limit for paying the purchase price;
Article 32 A bidder means a citizen, a legal person or an organization participat- (8) The liabilities for breaking the contract;
ing in bidding for auction targets. (9) Other matters as agreed upon by both parties.
Article 33 should laws and administrative decrees spell out stipulations on buying Section Two The Auction Notice and Display
and selling requirements for auction targets, any bidder shall meet the prescribed Article 45 An auctioneer shall release an auction notice seven days before the
requirements. auction day.
Article 34 Bidders may participate in bidding on their own, or may trust their Article 46 An auction notice shall define the following matters:
agents to participate in bidding for them. (1) The time and place of the auction;
Article 35 A bidder has the right to know the drawbacks of an auction target, to (2) Auction targets;
check the said auction target and consult relevant auction data. (3) The display time and place of auction targets;
Article 36 Once the bidding price is announced, a bidder shall not withdraw it. (4) The procedures that those participating in the bidding shall handle;
When other bidders providing higher bidding prices, his bidding price shall no (5) Other matters that need to be announced.
longer be valid. Article 47 An auction notice shall be issued via newspapers or other mass media.
Article 37 Bidders shall not viciously collaborate with other bidders and auction- Article 48 An auctioneer shall display auction targets before an auction, and pro-
eers shall not do so with auctioneers to damage the interests of others. vide conditions necessary for inspecting auction targets, as well as relevant data.
Section Four Buyers The display time of auction targets shall not be fewer than two days.
Article 38 A buyer means a bidder who purchases an auction target with the high- Section Three The Implementation of Auctions
est bidding price. Article 49 An auctioneer shall announce auction rules and matters needing atten-
Article 39 A buyer shall pay the sum of money for an auction target as agreed tion before an auction.
upon. Whoever fails to pay such a sum as agreed upon shall bear the liabilities Article 50 Should an auction target have no retentive price, an auctioneer shall
of breaking a contract, or with the approval of the trustee, the auctioneer may re- make this clear before an auction.
auction the auction target. Should an auction target have the retentive price, while the highest bidding price
In the case of re-auctioning an auction target, the original buyer shall pay the com- for the auction target fails to reach the retentive price, the price shall not become
mission himself or herself and the trustee shall pay for the auction for the first time. valid and the auctioneer shall stop auctioning the auction target.
Should the price of a re-auction be lower than the price of the original auction Article 51 The highest bidding price of a bidder shall indicate the conclusion of
price, the original buyer shall pay for the balance. the auction after being confirmed by the auctioneer dropping the hammer or by
Article 40 Should a buyer fail to obtain an auction target as agreed upon, he or other open forms indicating the completion of a deal.
she has the right to demand that the auctioneer or the trustee bear the liabilities of Article 52 After an auction is completed, the buyer and auctioneer shall sign a
breaking a contract. deal conclusion letter.
Should a buyer fail to take back an auction target as agreed upon, he or she shall Article 53 While proceeding with an auction, an auctioneer shall make a written
pay the storage costs arising thereafter. auction record.
The written auction record shall be signed by the auctioneer and the recorder;
Chapter IV Auction Procedures
in the case of the conclusion of an auction, the record shall also be signed by the
Section One Auction Trust buyer.
Article 41 Should a trustee trust an auctioneer to auction articles or property Article 54 A buyer shall properly keep complete account books related to his or