Antique and flea markets may seem like carefree trading zones with stands erected along streets, their owners wandering up and down joking with passers-by, but they are often subject to as much legislation and bureaucratic oversight as any high street outlet.

That also goes for two of the most famous flea markets in Paris . . . indeed, in the world . . . which have recently found themselves bought out by no less than the Duke of Westminster.

The duke is no stranger to flea markets, with his property company, the Grosvenor Group, having managed the Pimlico road antiques district in London for many years. Dealers have found to their cost in recent years that his company is not averse to raising their rents significantly.

Grosvenor Group has now got its hands on the Paul Bert and Serpette antiques markets in the Saint Ouen district of Paris.

They are two of the 16 markets that make up the Marche aux Puces in the northern suburbs of the French capital that cover 8,300sq m (89,000 sq ft) of ground, generating rents of 3.6 per year and attracting 10 million visitors annually.

Hands up anyone who hasn't been at the markets at least once. If not, hurry up while they still exist in their current guise.

The Grosvenor Group paid 50m for the markets, and what exactly they plan to do with them is a worry that faces the 240 stall holders, who met the Duke's buy-out proposals with wary acceptance.

"I hope this is not just about property speculation, " says Patrick Vaissier, vicepresident of the market traders' association.

One thing going for the future of the markets is that restructuring of the site is restricted since the area was declared an Architectural Heritage Zone by the French ministry of culture in 2001.