Previously having attempted to improve sluggish sales by holding exhibitions domestically and in Japan, Singapore, Hong Kong, and Macau, Qin recognized the economic potential of auctions and received approval from Vice Mayor Zhang Baifa after petitioning Mayor Chen Xitong via a friend.

[5] By 1996, Hanhai was one of nine auction houses operating out of Beijing; these reported combined sales of US$60 million, with the art market having grown sevenfold in two years as the Chinese economy saw extensive growth.

[6] Hanhai reported several major sales, including a painting attributed to the Song-era poet Zhang Xian sold to the Palace Museum for more than US$2 million.

[a] Titled Pictures of Ten Poems, the work had been held by the Qing dynasty in its imperial collection and taken by Emperor Pu Yi when he abdicated in 1912, then lost during the Second World War.

[10] At the Spring 2002 auction, which featured 2,158 items,[11] Hanhai sold a painting of two birds in a pond of lotuses by Bada Shanren for ¥5,170,000 (US$748,000).

[d][13] In 2007, a dragon-pattern vase from the reign of the Yongzheng Emperor sold for ¥15.7 million (US$2,270,000), 26 times the asking price; bidders suggested that the work may have come from the Old Summer Palace.

In November 2009, to commemorate the 60th anniversary of the founding of the People's Republic of China, it held an auction dedicated to "Red Art"; one work, by Shen Yaoyi, depicted the 1976 Tiananmen incident.

[18] Another special auction was held in June 2010 to commemorate the tenth anniversary of Qin Gong's death,[19] as well as another in 2011 to promote intangible cultural heritage.

[20] As of 2024[update], Hanhai is under the leadership of Xu Jian (徐建), with Fu Jie (付洁) and Chen Xiaoqin (陈晓勤) as deputy general managers and Yu Haiyan (虞海燕) as art director.

[23] Jan Dailey of the Financial Times expressed scepticism regarding the reported figures of Chinese auction houses, noting that the domestic market is plagued by forgeries, frequent inability to meet reserves (up to 52 per cent in 2011), and non-payment.