Legal Regulation Research Of Chinese Art Auction Market

Since the promulgation and implementation of the Auction Act of the People’s Republic of China in 1997, the art auction market has entered the development track of order, legalization and regularization. Although the legislation of the auction industry in China is relatively complete to the other countries, since the auction law has been promulgated for a long period, it has long been inadequate for the auction market, especially for the art auction market, and shown the lack of strength to the illegal acts of the current art auction market. The art auction industry is different from other commodity auctions because of its high risk of target auction. As the auction target, art work itself has shown unknown authenticity, lack of unified pricing standard, transaction information asymmetry, the abuse of the "declaration does not guarantee" Regulations, all these “specialties” have greatly raised the difficulty of implementation of existing legislation. At the same time, as the auction market’s star products, art auction transactions undoubtedly attracted a lot of investors’ attention. As an important window for people to understand the auction market, its trading status will become the barometer of the auction market. The trend and development of the art auction market will not only directly affect the investors’ confidence and interest in and of itself and even the entire auction market, but also affect the healthy and stable development of the industry as a whole. As a result, the comprehensive rectification of the art auction market has become the top priority, and the legal regulation of the auction market is the most important issue. However, at present, the relevant researches on the legal regulations of the auction market are not limited, but the research on the auction market law is very limited. Therefore, this article will be based on the experience of the predecessors and self-summary to study the solution to the problem.This paper is mainly divided into five parts, in which the first part is based on the definition and characteristics of the auction and the study on the art auction category and components as art auction mechanism. It also combs the art auction process. The second part is mainly on the development of Chinese art auction market, and the situation of the disorder is discussed. At the same time, through the organization of the history of the development of Chinese art auction market, we induce some main evidence of art auction market disorder. The third part of this paper discusses the Chinese legislative status at present and the defects and problems of the legislature. The fourth part in this paper we find how our country can learn lessons from related theories and practical experience from western economically developed countries through the study of those countries’ art auction market legislation and regulation, including their reference for auctioneers, appraisers and disclaimers. The fifth part of this article proposed advice to perfect our countries’ legal regulation of art auction market, such as strengthening market access and strengthening the criminal law system of false behaviors in auctions, establishing the remedy mechanism statement of fidelity terms and conditions, and strengthening industry self-discipline supervision.