Despite partial opening of China's auction market at the end of 2004, the enthusiasm of major international auction houses has been somewhat diluted by the ban on auctions of Chinese antiques, reported Monday's China Daily.

According to a new regulation effective on Jan. 1, foreign companies are allowed to hold auctions on the Chinese mainland.

"We found cultural protection rules have not been changed. Those restricted by the rules are in fact the most promising business for us," said Shan Jing, manager at Christie's Beijing representative office, was quoted as saying.

But some analysts said foreign auction houses may still find room for growth with the issue of the new regulation.

China prohibits foreign auctioneers from dealing ancient Chinese artwork on the Chinese mainland or from taking them outside the Chinese mainland.

Source: Xinhua