"Commission rules against the collusive behaviour of Christie’s and Sotheby’s"* In a decision adopted on 30 October 2002, the European Commission found that Christie’s and Sotheby’s, the world’s two leading fine arts auction houses, breached European Union competition rules by colluding to fix commission fees and other trading terms between 1993 and early 2000. Both companies benefited from the application of the Commission’s leniency policy: Sotheby’s received a reduction of 40% of the fine for having co-operated with the Commission and for having provided additional evidence, leading to a final penalty of€20.4 million. Christie’s escaped a fine altogether, because it was the first to provide crucial evidence that helped the Commission to prove the existence of the
The EU Commission rules against the collusive behaviour of the world’s two leading fine arts auction houses (Christie’s & Sotheby’s)
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