A loophole in the 1996 Auction Law in China means that buyers have no recourse if they purchase a lot that turns out to be inauthentic.

1996年中国拍卖法有一个漏洞，这意味着买家如果买到一堆假货，并没有追索权。

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Article 2 the term "auction enterprise" as used in these Measures refers to an auction enterprise established upon approval under the auction Law and the Administrative Measures for auction.

第二条本办法所称拍卖企业是指根据《拍卖法》、《拍卖管理办法》等规定，依法经批准设立的拍卖企业。

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The Auctioning Industry Association shall exercise supervision over auction enterprises and auctioneers in accordance with this Law and its articles of Association.

拍卖行业协会依照本法并根据章程，对拍卖企业和拍卖师进行监督。

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Under Korean law, any auction of a state-owned company's assets must attract at least two bidders before it can proceed.

WSJ: Korea Is Primed for M&A Deals

Under the law in South Korea, any auction of a state-owned company's assets must attract at least two bidders before the sale can go forward.

WSJ: Korea Is Primed for M&A Deals

Under Kenyan law the land at issue should have been sold at public auction and then developed within two years or handed back to the state.

ECONOMIST: Deciding who owns shantytowns would help their residents