|
Auctionbytes-NewsFlash, Number 302 - April 23, 2002 - ISSN 1539-5065
| Next Story
Former Sotheby's CEO, Multi-Millionaire, to Serve Jail Time in Price-Fixing Case
By Ina Steiner
AuctionBytes.com
April 23, 2002
|
The former chairman and major stockholder of Sotheby's auction house was sentenced to one year in prison and fined $7.5 million. A. Alfred Taubman headed Sotheby's from 1993 to 2000 and was found guilty of participating in a price fixing scheme with rival auction house Christie's.
Diana D. Brooks, former CEO and president of Sotheby's, had testified against her former boss after pleading guilty herself to violating antitrust laws. Rival house Christie's had turned over documents to the government in exchange for conditional amnesty from prosecution. And Taubman's counterpart at Christie's, Sir Anthony Tennant, could not be extradited from Britain after refusing to come to the U.S. to stand trial.
Taubman, who continues to deny any wrongdoing, is 78 years old and in poor health. A self-made Michigan millionaire, Taubman bought majority stock in Sotheby's in 1983. Former president Gerald Ford and television personality Barbara Walters called on the sentencing judge for leniency.
Sotheby's and Christie's agreed to settle a class action lawsuit filed by customers affected by the price-fixing.
|
Email this story to a friend.
| Next Story
Related Stories
eBay Mixes High-End Items with Regular Listings - January 23, 2001, Issue #3
The Industry Standard Ponders State of the Auction - March 04, 2001, Issue #33
Sotheby's Auctions: Madonna & Modern First Editions - July 18, 2001, Issue #126
Soap Opera Continues in Real Life Auction World - November 04, 2001, Issue #196
French Auction House Will Have Competition from Christie's & Sotheby's - December 27, 2001, Issue #228
Sotheby's and eBay Announce Strategic Alliance - February 01, 2002, Issue #250
Sotheby's Holdings Releases Year 2001 Financial Results - March 13, 2002, Issue #275
Sotheby's Owner to Sell Stake in Company - June 04, 2002, Issue #329
eBay and Sotheby's Launch Joint Site for High-End Collectibles - June 18, 2002, Issue #339
Going, going, GONE--eBay Sells Butterfields to British Auction House Bonhams - August 05, 2002, Issue #368
Sotheby's to Sell and Lease Back New York Headquarters for $175 Million - December 18, 2002, Issue #446
Sotheby's Changes Web Site Strategy, Continues eBay Live Auctions - February 05, 2003, Issue #476
Sotheby's Terminates Quest for Buyer - February 28, 2003, Issue #493
Sotheby's Announces 2002 Financial Results - March 19, 2003, Issue #504
|
Discuss this story in our forums.
|
