Archive
11-04-2002, 09:58 AM
Posted By: <b>Dan Mathewson</b><p>CNN Headline News just reported that Sotheby's was levied a huge fine for price fixing throughout the 1990's.<BR><BR>Ouch.
Archive
11-04-2002, 12:08 PM
Posted By: <b>David</b><p>It's old news, but Christies and Sotheby's colluded to fix commisions and other charges. In the 'old school' area of fine art, these auction houses' percentage of profit has long been ridiculously miniscule-- on the order of 3% (Though they make up for it in volume, as the handle most of the world's sales.). They had long been looking for ways to shake up the stale system, but obviously this was not the way to go.