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Auctioneers hammered by new rule
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FOURTEEN auction houses in Shanghai have been told to temporarily close their doors for failing to meet industry regulations, the State Administration of Cultural Heritage of China said yesterday.
The closures were ordered as the companies are not in possession of three key business qualifications, it said.
All auction houses in China are required to employ experts who are trained — to the administration’s standards — in ceramics, jade and stone, and metal objects. To achieve certification, people are required to attend training courses in Beijing.
The courses cost up to 10,000 yuan (US$1,630) apiece and the pass rate in the final examinations is just 20 percent.
Lin Yiping, general manager of Shanghai Auction Co, which was among those ordered to close, said he was shocked by the announcement.
“When the new regulation (regarding the certificates) was issued in 2012 we were told it didn’t apply to existing businesses,” he said.
“We’ve arranged for some of our staff to attend the training courses,” he said.
A total of 63 auction houses across the country were told to close, the administration said.
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