There is a general understanding that China is facing a problem of water scarcity. However, in the inland river basins, 1/3 realm of the nation, this situation appears even worse. In these areas, oases provide the main living environment of human beings, which have less than 10% of total proportion. The indigenous water scarcity and unreasonable water usage have become key issues of economic development and environmental protection. Therefore, the efficiency of water allocation has been considered as a bottleneck of China's sustainable development, especially in the inland river basin. Many development agencies and experts advocate that China should build up a system of water markets for water rights transactions in order to encourage the water saving of irrigation agriculture and transfer the saved water for growing urban and industrial usage. Pricing is the key issue of water right transactions. Considering the information asymmetry, the computational complexity of the value of water resource and water rights and the spatiotemporal heterogeneity, it is hard to give a universal model or mathematical formula. Therefore, it is essential to adopt a method which can reveal the true price and operate easily. As one of the most ancient pricing mechanisms, auction can play a unique role in the water rights transactions. Through this theory, the competition mechanism can be introduced, to reduce the information rent, reveal the true price, consequently increase the fairness and improve the effectiveness of distribution. This paper has devised the questionnaire and investigated the four irrigated areas in Ganzhou County by using the first-price sealed auction to attain the first-hand data of the bid of the participants' water rights transactions as a case study. We interviewed 141 peasants in this auction, and 80 of them made the deal. Then econometrics models were introduced to analyze the determinants of water rights transactions prices in the inland river basins of China. The determinants of water rights transactions prices conclude: the basic information of the farmers, the state of crop farming, the social and economic income and the water right condition. As a result, four models were finally constructed: model Ⅰ is to consider all the affecting factors except the square term and the cross term; model Ⅱ contains all the influence factors; model Ⅲ exclude the no significant factors in the model two; model Ⅳ use ridge regression to solve the colinearity problem in model Ⅲ. By comparing these four models, the results implicate that the factors of net income level, total agricultural water consumption, the product of this variable and the crops price and the potential of water saving are positive and significant; while the square of total agricultural water consumption is negative and significant. According to the previous analysis and a case study of water rights transactions, we can view to provide a defined concept of water rights and, provide a foundation for the water rights transaction among the individuals or companies or for the scientific research, eventually, draw the policy recommendations.