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View Diary: James Murdoch leaving Sotheby's board (6 comments)

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  •  Another fixed racket admits . . . (5+ / 0-)

    That it is fixed.

    •  In more than one way. (8+ / 0-)

      Sotheby’s has been found quilty of blatant price-fixing.

      Price fixing scandal

      In February 2000, A. Alfred Taubman and Diana (Dede) Brooks, the CEO of the company, stepped down amidst a price fixing scandal. The FBI had been investigating auction practices in which it was revealed that collusion involving commission fixing between Christie's and Sotheby's was occurring.

      In October 2000, Brooks admitted her guilt in hopes of receiving a reduced sentence, implicating Taubman.

      In December 2001, jurors in a high profile New York City courtroom found Taubman guilty of conspiracy. He served ten months of a one year sentence in prison, while Brooks received a six-month home confinement and a penalty of US$350,000. No staff from Christie's was charged.

      At the time of the scandal 59 percent of the company's Class A was owned by Baron Funds.

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