Chapter 368: Five Great Families

"This Yan City Auction House is the largest in Yan City, and it is also the only Auction House in Yan City," the youth introduced.

"The only Auction House?" Qin Ming was slightly surprised. Even Chenyang City had more than one Auction House, so how could this vast Yan City only have one?

As if sensing Qin Ming's confusion, the youth continued, "The Yan City Auction House is jointly managed by the Five Great Families of Yan City, and there is a regulation that forbids the opening of any other Auction House in the entire city.

With the opposition of these five largest Families in Yan City, no one in the entire city dares to open an Auction House."

"The Five Great Families? It seems the entire Yan City is controlled by these five Families," Qin Ming said, suddenly realizing.

The youth smiled and said, "Yes, Young Master, you are correct. The entire Yan City is controlled by these Five Great Families. Each of these Five Great Families has Martial Venerable Experts, and no one dares to defy their will."

Martial Venerable.

Qin Ming understood in his heart.

What kind of existence was a Martial Venerable? With the Spiritual Qi of the Qian Continent, a Martial Venerable was likely the most top-tier powerhouse.

The youth continued to introduce, "The Five Great Families deserve the credit for Yan City becoming the most prosperous city in the Great Xia Dynasty. It is because they manage the commercial order of the entire Yan City that it gradually became prosperous."

"There is another very important reason: the roads in Yan City are very easy to travel," Qin Ming said with a smile.

"Young Master is right. The road at the east gate of Yan City connects directly to the Great Qian Dynasty, and the road on the west side connects directly to the Great Xia City. The entire road is paved with hard rock, making it quite easy to travel," the youth smiled.

The reason Yan City is called Yan City is because the mountain range behind it produces a type of hard rock.

This rock has no other use; its only advantage is that it is hard, extremely hard.

The Five Great Families used these rocks to extensively pave roads, making the entire Yan City accessible in all directions, which created Yan City's commercial status in the Great Xia Dynasty.

"You wait outside; I will go in and take a look," Qin Ming said to the youth.

"Very well, Young Master, please," the youth bowed.

"Greetings, Young Master. Is there anything you need help with?"

As soon as Qin Ming entered, a maidservant wearing gray attire came over to ask him.

Qin Ming said, "I am here in Yan City for the first time. Please introduce it to me."

The maidservant did not show any contempt because it was Qin Ming's first time in Yan City. She asked patiently, "Young Master, where would you like to learn about first?"

"Let's start with how the auctions work!" Qin Ming's gaze swept across the entire Auction House. Many people were busy, and according to Qin Ming's observation, the first floor was likely the place for appraising treasures and items.

The maidservant said, "Our Yan City Auction House has auction areas on the second and third floors. The second floor opens as soon as the treasures are gathered and the number of people reaches a certain scale.

As for the treasure Auction Area on the third floor, it only opens at fixed times every day. Furthermore, at the beginning of every month, there is the grandest auction on the third floor, where various rare treasures will appear. The auction held at the beginning of each month is the busiest time for the entire Auction House."

Qin Ming nodded and asked, "How can I place a treasure for auction on the third floor?"

"That requires appraisal. Our Auction House has many Great Masters of appraisal on the first floor, and even the most renowned Great Master of appraisal on the entire continent is here to oversee operations. Every treasure can have its value accurately estimated," the maidservant smiled and said. "For treasures auctioned on the first floor, we charge a ten percent auction fee.

If it is appraised as a rare treasure, it can enter the treasure Auction on the third floor, and the Auction House only charges a five percent fee."

Qin Ming understood. Although this Auction House was expensive, if there were many bidders, the price of the auctioned items would often be much higher. For the owner of the auction item, this small auction fee was nothing.

"Unless one is a holder of a Three-Star Gold token, our Auction House auctions one item at a time and settles payment one item at a time. Furthermore, entry into the Auction House is subject to review to ensure that every bidder has enough Spirit Stones to pay, so you can rest assured about our Auction House, guest," the maidservant added.

"Hmm? A Three-Star Gold token?" Qin Ming looked at the maidservant in confusion.

The maidservant smiled and said, "We issue proof of identity based on the transaction amount. Entering the ordinary second-floor auction area does not require an identity token; you only need ten thousand Mid-Grade Spirit Stones. As for the third-floor Auction House, you need to hold a One-Star Bronze identity token, or have one million Mid-Grade Spirit Stones.

For the grand auction at the beginning of the month, one needs to hold one million High-Grade Spirit Stones, or a Two-Star Silver identity token."

"So that's how it is," Qin Ming smiled. "It really is quite difficult to enter your treasure Auction area."

"This is also for the sake of our guests," the maidservant explained. "The reason our Auction House sets these thresholds is to stop those who just want to come and look around without having any Spirit Stones. Although the auction hall is large, the number of seats is limited after all. Our auction hall must ensure that every bidder has the financial strength.

Moreover, an identity token is not just a qualification to enter the auction, but also a symbol of status. Distinguished guests who hold a Three-Star Gold token can have their auction fees reduced by fifty percent when auctioning at our Auction House."