Recent years have seen a real boom in business for auction houses in China. But even as prices climb, so too is the number of fakes.

Businessman was found to have defrauded banks out of millions of yuan by using a fake ancient jade burial suit as collateral.

In one recent case, a businessman was found to have defrauded banks out of millions of yuan by using a fake ancient jade burial suit as collateral.

But the suit, appraised by five antiquities experts at 2.4 billion yuan, or about 380 million US dollars, was later discovered to be a modern fake.

With a slew of fraud allegations about Chinese buyers, sellers, auction houses, and experts, many are now arguing for auction law reform in China.

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