Price-fixing Scandal
In 2000, allegations surfaced of a price-fixing arrangement between Christie's and Sotheby's, another major auction house. Executives from Christie's subsequently alerted the Department of Justice of their suspicions of commission-fixing collusion.
Christie's gained immunity from prosecution in the United States as a longtime employee of Christie's confessed and cooperated with the U.S. Federal Bureau of Investigation. Numerous members of Sotheby's senior management were fired soon thereafter, and A. Alfred Taubman, the largest shareholder of Sotheby's at the time, took most of the blame; he and Dede Brooks (the CEO) were given jail sentences, and Christie's, Sotheby's and their owners also paid a civil lawsuit settlement of $512 million.
Read more about this topic: Christie's
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