Compared with 10 years ago when there were no auctions in China, the business has grown dramatically to be on a sure footing today.

The change in attitude towards auctions highlights the development of the art auction market in China. [newsphoto.com.cn]

"An auction of cultural relics was regarded as a taboo that no one would dare to break because there were no laws approving such an activity at that time," said Kou Qin, vice-president of China Guardian Auctions Co.

"Ordinary people considered it the obligation of the government to protect historical relics and the trade of such antiquities was a crime. The government also discouraged such ideas.

"Our first auction following the founding of the company in 1993 exceeded four million yuan (US$482,000), which was extremely exciting. But the recently concluded spring auction has broken all records with a 190 million yuan (US$22.8 million) sale and we are rather pleased with that."

The change in attitude towards auctions highlights the development of the art auction market in China. It is proof of the improvement in the attitudes of policy-makers and ordinary people as well as the growth of China's economy.

"Auctions are a complicated market activity that heavily depend on one's financial ability. Only when more wealthy individuals appear, will auctions improve and personal antique collectors become more active," he said.

This is true of his company. As a specialist in auctioning art and antiques, Guardian focuses closely on high-end bidders as well as government departments.

"The new policy has made it possible for more people to become rich and the implementation of a new relic protection law has made rich people free of worries about the legality of buying antiques.

As one of the two main ways to purchase antiques in China, auctions are viewed as the easiest and most convenient.

"Although there are many millionaires in China who have the ability and willingness to buy paintings and art works, the distance between rich Chinese collectors and foreign collectors is huge in terms of discerning experience and strong financial support," Kou said.

"I think China's auction market will become hotter in 20 years when increasing numbers of rich people will participate."

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