Legal basis: People's Republic of China (PRC) Auction Law.
Article 3 Auction refers to the way of buying and selling by transferring the rights of a specific commodity or property to the highest bidder through public bidding.
Article 4 Auction activities shall abide by relevant laws and administrative regulations and follow the principles of openness, fairness, impartiality, honesty and credibility.
Article 5 The competent department of auction industry in the State Council shall supervise and manage the auction industry throughout the country.