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The First Art Newspaper on the Net |
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Established in 1996 |
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Sunday, October 6, 2024 |
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Anti-Competition Case Against Auction Houses |
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BRUSSELS, BELGIUM.- The European Commission is bringing an anti-competition case against Sotheby’s and Christie’s, the world’s two leading fine art auction houses. After a preliminary investigation the commission has accused Sotheby’s and Christie’s of breaching European Union competition rules by colluding to fix commission fees and other trading conditions. The 50 page document addressed to the two companies states that the European Commission believes they entered into an anti-competitive cartel agreement nine years ago with the purpose of reducing the fierce competition between the two businesses.
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