All auctions in Weekly Auction have unlimited price tags on their pieces. Therefore, the price of an item is raised by 100 yuan with each bid until a deal is clinched at the highest price, or a negotiation between the buyer and the auctioneer is agreed.
However, an important question of any WeChat auction is how can buyers know whether the artworks are authentic or fake.
In the latest auction, Weekly Auction declared that all their collections come with a certificate. According to a report by the Shanghai-based newspaper Youth Daily in May, certificates are given to items that the auction organizers collect directly from the artists themselves.
Despite this, in other auctions there are numerous reports that items provided by some Web users are without such certificates. Sometimes items are directly delivered to buyers without supervision from auction organizers, which increases the risk of buying fake artworks.
"The law has strict regulations on the those who conduct auctions. However, it's hard to supervise on WeChat," said Zhang Yuanjie, a professor of economic law, during an interview with the Shanxi Business News.
But in Hu Hu's opinion, the authenticity of collection poses no problem in WeChat auctions, "Because there has been so few counterfeit works in the contemporary art field."
It is still unclear how much of an impact WeChat will have on the art industry. "It still only accounts for a small amount of the art trade industry," said Cheng Xindong, an art curator and art broker.
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