Investigation finds fraud pervading auction trade
By Wang Qingchu |
June 9, 2011, Thursday
|
Print Edition
Print Edition
An auctioneer in Beijing suggested a starting price of 50,000 yuan (US$7,721) for a porcelain item that was fake and worth just 280 yuan, according to a report by Xinhua news agency.
The item was verified as a copy by Zhang Ning, an official with Chinese Society of Cultural Relics, the news agency reported yesterday, but when a Xinhua reporter took it to Deng Mingqian, general manager of Oriental Imperial Collections Auction Co Ltd, he was given a different story.
Deng said the item was a treasured piece made by the imperial kilns of the Song Dynasty and should be auctioned for at least 50,000 yuan.
Deng was quoted as saying: "Actually it doesn't matter whether it's a fake. Even counterfeit pieces can be sold. Some people particularly want to buy fake items to show off."
Xinhua said this was just one example of rampant fraudulent activities in the capital's antiques market which included false verification, money laundering and overbidding.
Deng charged 1,500 yuan for printing brochures giving high guide prices for auction items, Xinhua said.
The China Association of Auctioneers warned that some auctioneers lured people in by offering much higher guide prices and asked for money before auctions began.
Standard auction houses would only charge fees and commissions after the auction was completed, Xinhua's report said.
The auction market was also used as a vehicle for money laundering, the report said, with auctioneers conspiring to raise the price of fake items to high levels.
The CAA has been assessing auctioneers for the past 10 years in a bid to root out illegal practices.
The item was verified as a copy by Zhang Ning, an official with Chinese Society of Cultural Relics, the news agency reported yesterday, but when a Xinhua reporter took it to Deng Mingqian, general manager of Oriental Imperial Collections Auction Co Ltd, he was given a different story.
Deng said the item was a treasured piece made by the imperial kilns of the Song Dynasty and should be auctioned for at least 50,000 yuan.
Deng was quoted as saying: "Actually it doesn't matter whether it's a fake. Even counterfeit pieces can be sold. Some people particularly want to buy fake items to show off."
Xinhua said this was just one example of rampant fraudulent activities in the capital's antiques market which included false verification, money laundering and overbidding.
Deng charged 1,500 yuan for printing brochures giving high guide prices for auction items, Xinhua said.
The China Association of Auctioneers warned that some auctioneers lured people in by offering much higher guide prices and asked for money before auctions began.
Standard auction houses would only charge fees and commissions after the auction was completed, Xinhua's report said.
The auction market was also used as a vehicle for money laundering, the report said, with auctioneers conspiring to raise the price of fake items to high levels.
The CAA has been assessing auctioneers for the past 10 years in a bid to root out illegal practices.
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