A curio hunter's heaven or an Everest of fakery? Panjiayuan is both, and marvellous fun to boot. Picking over the wares of some 4000 dealers, you won't chance upon that priceless dòucǎi stem cup, but you will find Mao busts, Little Red Books, coins, stamps and faded cigarette posters bobbing about in an endless sea of knock-off ceramics, cloisonné, Buddha icons and jade.
Other finds include calligraphy brushes and ink stones, silk paintings, replica Qing furniture, handicrafts from across China, and thread-your-own bead necklaces. Authenticity notwithstanding, you'll certainly pick up a memento, but make a few rounds to compare prices before forking out, and bargain heartily.
The market is at its biggest and best on weekends, starting well before dawn in the tradition of Qing dynasty guǐ shì (literally 'ghost markets'). Towards the beleaguered end of the dynasty, destitute nobles were forced to flog their family heirlooms and fineries, opting to do so under a face-saving veil of darkness. The present market was installed here in the early 1990s.
When you're all shopped out, look for El Padrino Club, a spiffy market cafe just inside the main entrance selling lattes, cake and bottles of craft beer.
From Panjiayuan subway station, head west for 200m to find the main entrance.