中华人民共和国拍卖法 AUCTION LAW OF THE PEOPLES REPUBLIC OF CHINA

cle 34 Bidders may make bidding either by themselves or by their agents.

　　Article 35 Bidders shall have the right to find out defects of the subjects of auction， examine the subjects of auction and consult relevant auction materials.

　　Article 36 A bid may not be withdrawn by the bidder once it has been made， but it shall lose binding force as soon as a higher bid has been made by another bidder.

　　Article 37 It is forbidden that bidders or bidders and auction brokers conclude with each other to harm the interests of other people.

　　Section 4 Auction Vendee

　　Article 38 “Auction Vendee” means a bidder who purchases the subject of auction by making the highest bid.

　　Article 39 The auction vendee shall pay the amount of the subject of auction in accordance with the engagement， or if he fails to do so， he shall bear the responsibility for breach of contract， or the subject of auction may be re-auctioned after the auction broker has obtained approval from the consignor.

　　When a subject of auction is reauctioned， the original auction vendee shall pay the commissions which should be paid by the consignor and himself for the first auction. If the amount from the re-auction is less than that from the original one， the original auction vendee shall make up the balance.

　　Article 40 Auction vendees who cannot acquire the subject of auction in accordance with the engagement shall have the right to demand the auction broker or consignor to assume the responsibility for breach of contract.

　　Auction vendees who fail to accept the subject of auction shall pay the keeping expenses arising therefrom.

　　Chapter IV Auction Procedures

　　Section 1 Entrustment of Auction

　　Article 41 Consignors consigning goods or property rights for auction shall provide their identity certificates and documents of title to the subject of auction or the proof of the right to dispose of the subject of auction in accordance with law and other documents demanded by the auction broker.

　　Article 42 The auction broker shall verify the documents and materials provided by the consignor. If the auction broker accepts the ent

rustment， it shall conclude a written contract with the consignor for the entrustment of auction.

　　Article 43 Subjects of auction may be appraised if the auction broker thinks it necessary.

　　If there is any discrepancy between the appraisal conclusion and the statement concerning the subject of auction in the contract for the entrustment of auction， the auction broker shall have the right to require the contract to be modified or terminated.

　　Article 44 The following particulars shall be clearly stated in a contract for entrustment of auction：

　　（1） the name and address of the consignor and auction broker；

　　（2） the name， specification， quantity and quality of the subject of auction；

　　（3） the reserve price given by the consignor；

　　（4） the time and place when and where the auction will be held；

　　（5） the time and method when and thereby the subject of auction shall be delivered or transferred；

　　（6） the commission and the method by which the commission shall be paid and the time limit for the payment；

　　（7） the method by which the amount of the subject of auction shall be paid and the time limit for the payment；

　　（8） the responsibility for breach of contract； and

　　（9） other particulars agreed by the two parties.

　　Section 2 Auction Announcement and Exhibition

　　Article 45 The auction broker shall publish an auction announcement seven days before the auction day.

　　Article 46 The following particulars shall be clearly stated in the auction announcement：

　　（1） the time and place when and where the auction will be held；

　　（2） the subjects of auction；

　　（3） the time and place when and where the subjects of auction will be exhibited；

　　（4） formalities required to be gone through for taking part in bidding； and

　　（5） other particulars needed to be announced.

　　Article 47 Auction announcements shall be published in a newspaper or by other news media.

　　Article 48 The auction broker shall exhibit the subjects of auction before the auction， and provide relevant materials and conditions for examining the subjects of auction.

　　The exhibition of the subjects of auction shall last at least for two days.

　　Section 3 The Performance of Auction

　　Article 49 The auctioneer shall， before the auction， announce the auction rules and points for attention.

　　Article 50 If there is no reserve price for a subject of auction， the auctioneer shall give the facts before the auction.

　　In the case of a reserve price， if the highest bid fails to reach the reserve price， that bid shall have no effect and the auctioneer shall cease the auction of the relevant subject.

　　Article 51 A bargain is made once the auctioneer has struck hammer on the highest bid or the bid has been publicly confirmed in other forms as making a bargain.

　　Article 52 After a bargain has been struck， the auction vendee and the auction broker shall sign a sales confirmation.

　　Article 53 When performing auction， the auction broker shall make written auction records. Auction records shall be signed by the auctioneer and the note taker， and the vendee， if any.

　　Article 54 Auction brokers shall properly keep the complete account books concerning their auction business activities， the written auction records and other relevant materials.

　　The account books， auction records and other relevant materials mentioned in the preceding paragraph shall be kept at least for five years， accounting from date on which the contract for auction entrustment terminates.

　　Article 55 In the case of a subject of auction， the transfer of which involves formalities for change of certificates or licenses or for title transfer according to law， the consignor and auction vendee shall go through said formalities with relevant administrative depar

tments by presenting the sales certification issued by the auction broker and other relevant materials.

　　Section 4 Commission

　　Article 56 Consignors and auction vendees may make an agreement with the auction broker on the brokerage proportion.

　　Where the consignor or auction vendee fails to make an agreement with the auction broker on the brokerage proportion， the auction broker may charge the consignor and auction broker respectively a commission not more than five per cent of the transaction price of the subject of auction， if the auction results in a transaction. The brokerage proportion shall be determined on the principle of being inversely proportional to the transaction price of the subject of auction.

　　If the auction does not result in a transaction， the auction broker may charge the consignor according to the prior engagement； in the absence of an engagement， the auction broker may charge the consignor the reasonable expenses expended for the auction.

　　Article 57 In the case of auction and transaction of goods mentioned in Article 9 of this Law， the auction broker may charge the auction vendee a commission not more than five per cent of the transaction price of the subject of auction. The brokerage proportion shall be determined on the principle of being inversely proportional to the transaction price of the subject of auction.

　　The provisions of Paragraph 3， Article 56 of this Law shall apply if the auction does not result in a transaction.

　　Chapter V Legal Responsibility

　　Article 58 Consignors shall bear the responsibility if they， in violation of the provisions of Article 6 of this Law， consign for auction goods or property rights to which they have no title or which they may not dispose of according to law. If the auction broker accepts the consignment knowing well that the consignor has no title to， or according to law， may not dispose of the goods or property rights， he shall bear a joint liability.

　　Article 59 If any state organ， in violation of the provisions of Article 9 of this Law， dispose of without authorization the goods which according to law should be auctioned by an auction company designated by the people's government of the province， autonomous region， municipality directly under the central government or the districted city where said goods are located， the person in charge directly responsible and other persons directly responsible shall be given a disciplinary sanction and， if any losses have been caused to the state， be liable for compensation.

　　Article 60 Auction companies established in violation of the provisions of Article 11 of this Law and without approval and registration shall be banned by the administrative department for industry and commerce with the illegal earnings confiscated and a fine ranging from one to five times the illegal earnings may be imposed concurrently.

　　Article 61 If the auction broker or consignor， in violation of the provisions of Paragraph 2， Article 18 and Article 27 of this Law， fails to state the defects of the subject of auction and thus causes damage to the auction vendee， the latter shall have the right to claim compensation against the auction broker； if it is the consignor who should assume the responsibility， the auction broker shall have the right to claim recovery against the consignor.

　　Where the auction broker and consignor declare before the auction that they cannot assure the genuineness or quality of the subject of auction， they shall not be liable fo

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