Sotheby’s Scraps Sale of Company
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Sotheby’s, skilled at selling Picasso paintings and Tiffany tea sets, couldn’t bring down the gavel on itself after the residue of a price-fixing scandal frustrated an eight-month auction process.
The auction house and former Chairman A. Alfred Taubman said they called off the sale of the company. Sotheby’s continued to face legal entanglements after Taubman’s conviction on charges of fixing commission fees with rival Christie’s International.
“The legacy of those issues combined with the historic competition in this business and the margin pressure were sobering issues for potential acquirers of this company,” Sotheby’s Chief Executive Bill Ruprecht said.
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