ArtCult : News of the art market .
Find in the whole site :
  Home
  News
  Features
  Experts tools
  Communication
  Contact
Filters
Year

Category


Quick search
Find in page News archives :
Find in the whole site :

Information
Latest Ads
07/03: LOOKING FOR MISSING PIECES
URGENTLY LOOKING FOR THE FOLLOWING MISSING PIECES SINCE FEBRUARY 3, 20161) Fauv...
05/01: MR ROBINSON'S DEC 6, 2014 FORGOTTEN RAMPAGE
On December 6, 2014 Mr David Robinson of Pacific Grove (CA) visited the Au Temps Jadis ...
02/03: DICTIONARY OF JEWISH ARTISTS OF ALL TIMES
Seeking a well-established U.S or U.K  publisher for the first-ever English ed...
> Post an ad
Online estimate
Send us a photography and a description and questions, and we will return our point of view.
Sumit estimate

Newsletter
Type in your email to subscribe to our newsletter

News archives

Year :
167 entries
AGREEMENT BETWEEN SOTHEBY'S AND CHRISTIE'S WITH U.S JUSTICE
01 October 2000


Cet article se compose de 2 pages.
1 2
Christie's and Sotheby's concluded a deal on September 22nd 2000 with U.S justice after both auction houses were accused of illicit agreement.

They agreed to pay off US $ 512 million to settle the case with 120,000 buyers who had been penalised by their sharing of the art market during five years. Alfred Taubman, the head of Sotheby's, might thus be forced to sell his shares.

The managerial boards of Christie's and Sotheby's certainly heaved a sigh of relief after the conclusion of the deal.

Both auction houses had been accused of having concluded a secret agreement that penalised many buyers and sellers. Their heads were due to appear in court in February 2001 and faced a $ 1 billion fine, according to the counsels representing the injured party. Such a sanction would have seriously penalised Christie's and Sotheby's especially as some nasty disclosures were expected during the forthcoming trial.

The fine represents between four and five years of Christie's profits and its unique shareholder, the Artemis holding headed by François Pinault, will meet it. This represents a formidable financial sacrifice but Christie's, which had obtained immunity from U.S justice in exchange for its cooperation, will now feel quite relieved while facing its future challenges. All the more, the turmoil that resulted from that justice action did not rock the auction house on its bases since all members of its managerial team, excepted its Christopher Davidge, its general manager who resigned in 1999, have remained in command.

Already Christie's has reinforced its supremacy on the international art market gaining a 53% share in 2000 against 47% for Sotheby's.

Things may look different for Sotheby's, which has been much affected by this case. The American-owned auction house has incurred huge expenses for the creation of its Website and its profits for the first six months of the year 2000 do not exceed $ 1 million.

Page précédente 17/167
Retour Retour
Mentions légales Terms of use Participants Website plan
Login : Password ArtCult - Made by Adrian Darmon