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Knight Ridder/Tribune Business News, March, 2003
Daily News, New York Knight Ridder/Tribune Business News
Mar. 12--Sotheby's and Christie's auction houses said they will pay $20 million each to settle class-action claims by overseas customers stemming from their price-fixing scandal.
The government contends the top auction houses colluded in 1993 to fix prices by eliminating discounts and charging non-negotiable commissions. It's alleged sellers lost up to $400 million in commissions from 1993 to 1999.
Sotheby's and Christie's have already paid a combined $512 million to settle claims with 130,000 U.S. customers who lost money.
In 2001, former Sotheby's chairman Alfred Taubman was found guilty of conspiring with former Christie's chairman Anthony Tennant to hatch an...
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