The Turmoil of Art Auctions: Rivalry, Recession, and Collusion

It’s 1983 and shopping mall tycoon Alfred Taubman buys a struggling Sotheby’s, excited by the opportunity to revitalize the art auction market and increase competition with the company’s longtime rival, Christie’s.

But when the 1990s dawn, a slumping economy spells trouble for both auction houses. Sotheby’s and Christie’s hatch a plan to surreptitiously work together to increase profits for both companies, a decision that will have fateful consequences.

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