Manuscript proving China's sovereignty over Diaoyu to be re-auctioned
- Source: Global Times
- [10:12 February 01 2011]
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By Jin Jianyu
A manuscript solidifying China's sovereignty over the Diaoyu Islands is to be re-auctioned because the former highest bidder failed to pay within the contracted period, the China National Radio (CNR) reported Thursday.
Haiguozhi, or the Records of Maritime Nations, written by Qian Yong, a calligrapher of Qing Dynasty (1644-1911), was reported as having detailed records that can prove China s territorial sovereignty over the islands.
On December 20 last year, a copy of Haiguozhi was purchased by No. 80 bidder at a price of 13.25 million yuan ( 2.01 million) by Beijing CNTC International Auction Co., Ltd. The auctioneer claimed that only Chinese nationals could bid for the manuscript as it concerns Chinese territory, the report said.
"Peng Ling, the collector of the manuscript, has already entrusted us with re-auction owing to the former purchaser's violation to the signed contract," Lai Yiren, assistant of the General Manager of the auctioneer, told the Global Times,
"If the bidder cannot pay for the auctioned item within a month, the auction is actually usually a dud according to the Auction Law," Huang Xiaojian, vice president of China's Auction Association, told the Global Times.
Peng said however that he could not help but entrust the original auctioneer with the re-auction, according to the report.
"The price might descend owing to the failure of the first auction and it might be difficult for me to retrieve the manuscript in a short time as the auctioneer might detain the copy for they could not get the commission amounting to 2.65 million yuan ( 402,535) for the first auction," Peng said.
Peng also worries that the core phrase "Diaoyu Islands" mentioned in the copy might be removed if the auctioneer did not conserve the copy well or if his relationship with the auctioneer deteriorated.
Huang said however that the price of an auctioned item depends on the value itself rather than whether the previous auction succeeded or not.
"The price might also rise on the contrary because more people get to know the auctioned item owing to more publicity time," he said.
"Auction entruster and the entrusted could also invite notary officers to take pictures of the original collection before the auction to better define both parties' responsibilities in case of any disputes once the original collection was damaged," he added.
