Stricter Laws and Regulations to be Implemented to China’s Relics Market
Several auction groups are taking advantage of the laws and regulations that concerns with the chaotic cultural relics market in China catching the attention of the State Administration of Cultural Heritage.
This prompted the SACH policy and regulation bureau to intensify its supervision and management to this auction groups that take advantage of buyers by driving up relic prices, knowing that several of this relics are fake. Current law states that any auction groups together with their clients are not held responsible for the purchased item poor and inferior quality when they claim beforehand that the authenticity of the item cannot be verified. Other sellers do not have any business certificates or using loopholes strategies in the relic market trade.
The SACH will be setting up a system that will manage and regulate authentication certificates for cultural relics. The administration will also adopt stricter approval procedures for auctions by implementing more specific and concrete requirements for the introduction of auction items together with the responsibilities of the auction professionals.
In 2011 China overtook United States are the world’s biggest market for art and antiques in a art market report published by the European Fine Art Foundation. China’s share of the global art market rose 30 percent pushing United States to second place with a share of 29 percent.