Associated Press
NEW YORK — In a scandal that rocked the world’s two biggest auction houses, the former chairman of Sotheby’s was convicted Wednesday of plotting with his counterpart at Christie’s to fix the commissions paid by sellers of fine art.
A. Alfred Taubman, 76, of Bloomfield Hills, Mich., could get up to three years in prison at sentencing April 2.
Taubman showed no reaction as the federal jury came back with the verdict after less than two days of deliberations. He had no comment.
"We were, of course, disappointed in the verdict," defense attorney Robert Fiske said. "We’ll review our options and decide what to do next."
Taubman had denied the price-fixing charges alleging he and former Christie’s chairman Anthony Tennant stole as much as $400 million in commissions from 1993 to 1999.
Customers who turn their artworks over to Sotheby’s or Christie’s for auction have to pay a commission on the sale price. The Justice Department said the two men illegally colluded on how much to charge, depriving the sellers of the opportunity to bargain for a lower price.
The two auction houses control more than 90 percent of the world’s art auctions. Taubman was chairman at Sotheby’s from 1983 to 2000. Tennant was chairman at Christie’s from 1993 to 1996.
Tennant, 71, lives in England and has said he will not come to the United States to face charges. He cannot be extradited on antitrust charges.
Sotheby’s pleaded guilty to conspiracy and was ordered to pay $45 million. Christie’s was granted amnesty by the government for its cooperation.
Earlier this year, a federal judge approved a $537 million settlement of price-fixing lawsuits brought by customers of Sotheby’s and Christie’s. The auction houses are sharing the cost of the settlement.
Copyright ©2001 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.