X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BLOOMFIELD HILLS, MI-A New York federal jury Wednesday found wealthy Bloomfield Hills, MI real estate developer A. Alfred Taubman guilty of one charge of fixing commission rates charged to sellers of works of art, jewelry and furniture while he was chairman of Sotheby’s auction house.

The jury decided Taubman, 76, had arranged to fix prices with Anthony J. Tennant, a member of the board of directors of Christie’s auction house, from 1993 to 1999 in violation of the federal Sherman Act. Taubman could face up to three years in jail and a $350,000 fine at his April 2 sentencing.

Sotheby’s and Christie’s International are the two largest auction houses in the world.Taubman is founder of Taubman Centers Inc. which owns and/or manages 28 urban and suburban regional and super regional shopping centers in 12 states. His son, Robert Taubman, is president and CEO of the company.

“We are all shocked and saddened,” Karen MacDonald, Taubman Centers’ Director of Communications, says in a prepared statement. “Our thoughts are with Mr. Taubman and his family at this time.”

According to court testimony, Sotheby’s and Christie’s charged sellers at least $400 million in commissions during the six-year international conspiracy. The two firms control more than 90% of the world’s live auctions of works of art, jewelry and furniture, the Justice Department’s lawsuit alleges.

In October 2000, Sotheby’s and its former CEO, Diana D. Brooks, pleaded guilty to separate charges of fixing commission rates charged to sellers. Sotheby’s has been sentenced to pay a fine of $45 million. Brooks has not been sentenced.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.