Business Wars Sotheby's vs Christie's | Going Once | 1
Dec 14, 2022
In the cutthroat world of art auctions, a fierce rivalry brews between two titans. Alfred Taubman aims to transform Sotheby's while tackling a struggling economy and increasing competition. As both houses face financial turmoil, they secretly strike a collusion agreement that raises eyebrows. The history of scandals, landmark auctions, and the impact of innovative strategies come to light, revealing the high stakes and potential fallout of their actions in the art market.
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Art Auction Collusion Story
- Alfred Taubman and Sir Anthony Tennant, rivals from Sotheby's and Christie's, secretly agreed to fix commission rates.
- Their collusion was illegal and temporarily boosted profits but led to betrayal and prison for one party.
Taubman's Sotheby's Acquisition
- Alfred Taubman bought struggling Sotheby's in 1983, intrigued by revitalizing the art market.
- He saw art selling like retail and sought to apply his mall developer expertise.
Viewing Art as Commodity
- Taubman viewed art as a commodity like real estate and focused on private buyers to increase profits.
- Using loans to buyers saved Sotheby's but created tensions with Christie's.