The art market - Hammered.(antitrust investigation of Sotheby's and Christie's auction houses)(Brief Article)
Economist (US), The, February, 2000
FROM Roman antiquities to Warhol silkscreens, much of the best fine art that goes to auction passes under the august porticos of Sotheby's and Christie's. Last month brought news of a three-year antitrust investigation by America's Justice Department, which suggested that there has been almost as much art in the two companies' commissions as in the auction-room. This week Sotheby's president, Diana Brooks, and its chairman and controlling shareholder, Alfred Taubman, both resigned as the firm sought to settle the investigation into its alleged collusion with Christie's. Sotheby's share price, already at a 16-month low, tumbled a further 12% on the news, before rebounding on rumours that Amazon, with which it has an online partnership, might bid for the 255-year-old...
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