The Sotheby's - Christie's Commission Rigging Scandal, Greed, Arrogance, Crime

Greed, Arrogance, Crime, The Sotheby's-Christie's Commission Rigging Scandal
A look back at the darkest days at the world's largest and most influential auction firms. When they conspired and rigged commissions for both buyers and sellers, they got caught red-handed and paid a price.
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[@Jillaneaj]

That was fascinating, someone should use this to write a book.

[@avardmacgregor746]

Keep keeping them honest, Peter.

[@user-kn4yl4ey6f]

Fascinating. It would be wonderful if you could author a book that mentions this and other experiences you have had with suspicious auction behavior, dealers, and the different types of faking antiques.

[@bobbytsai7751]

My late father was based in Asia and a client of both Sotheby’s and Christie’s since 1970’s. So, unbeknownst to him before hand, he was listed as one of the victims of this commission fixing fraud. So when class action lawsuit was settled, much to my father’s surprise, he actually received a check for his portion. My father was amused and amazed by the US Justice system.

[@user-iv4pf6oq7q]

Disgusting behaviour from our "superiors". I live in England and am not 'of high social status', so I live through this snobby bulldust every day. I don't know any Auction Houses that are actually trustworthy, they're all stuck up and crooked, in my experience. It's sad what greed does to people, isn't it? Mixed with snobbery, it just makes it even worse, by a factor of ten. Thank you for your knowledgable, honest and insightful videos, Mr. Combs.

[@christopherrichards-loubie135]

Thank you, Peter!

[@JW-vo9fi]

Zhai Jianmin, the famous Hong Kong based Chinese antique dealer, bragged in one of the talk shows that he participated that he did the exactly same type of trick with other dealers. For example, there was a soapstone sculpture of Tang Ying, his sons, and coworkers listed in an auction sale in San Francisco some years ago. In order to suppress the hammer price, he and other dealers reached an internal agreement before the auction started so that he was able to get the piece easily with much less competition

[@foxxxzh]

thx Peter

[@OGA103]

It's a bit surprising that Davidge had zero repercussions. Even though he was the one to get the ball rolling he was still a huge part of it! If he hadn't left Christie's on bad terms would he still have spilled the beans? Did he actually feel remorse for his roll or was this simply a revenge thing? Interesting story throughout.

[@elizabethwilliams7975]

thank you .

[@leldevaza]

thank you for your time and knowledge. Thank you for sharing with us.

[@user-md9qk5gb9d]

Speaking of pricing fix, Fed is doing the largest stock price manipulation in history.

[@ThriftShopHustler]

Its crazy but I think this type of practice happens all the time in business. Meaning, companies and politicians get together in secret to stabilize their respective interests.

[@susprime7018]

All involved in cabals of all sorts should remember that the one that squeals first gets the deal. I'd like to see that movie if anyone remembers.

[@besticanaffordantiques2565]

Hahaha, I love that they all turned on each other.

[@thomascabral8443]

nice info Peter,,,

[@jackkohler1392]

Sort of like OPEC...just on a smaller scale!

[@taiduong3575]

There's a recent painting. That was sold for a very low-priced person from a famous artist. Can't remember the name,

[@jeanhawken4482]

Love the information about the deals

[@Griffintheelder]

Dealers have been doing these secondary auctions since time in memoriam, have there ever been any trials pertaining to this type of price fixing or is it a civil matter in the US? The prevalence of online auctions seems to have largely put a damper on this activity in the past years, it seems.

[@ArtHistoryProfessor]

Hi, Mr. Combs. My name is Barry. Could you do an extended in-depth discussion with photos about Tang dynasty sancai ceramics and the proliferation of fakes and how to identify them? I have a Tang dynasty sancai vase with many raised floral reliefs and dragon handles that is truly beautiful. And while it looks authentic (with dirt patina and residue), I am not sure if it is the real deal. I want to have it TL tested, but that requires drilling samples. That said, could you talk about Thermoluminescence dating for those unfamiliar with this dating process? Also, could you please give me some advice and how can I contact you via email? Thanks and all the best from North Carolina.

[@Natealleycat]

Hey Peter, are you by any chance related to Sean "P Diddy" Combs??

[@vic-iv2ff]

And. Vickey have buyer premiums which the consignors don’t get one penny out of

[@johnnyrabenold6133]

I love that Dede looks mildly deranged in the photo!

[@user-ej4ym4gm5l]

I’m sure it still happens especially with jewellery how often does the jewellery just reach the reserve

[@themise1416]

I think there is a difference between price fixing and commission fixing. Price fixing means the person offering something for auction, does not get the fair value. Commission fixing, it seems to me! Is less egregious.

[@ellarson1]

Interesting to know but not surprising as most dealers are more than a bit greedy.

[@Griffintheelder]

This story is mostly about the greed of the auction houses. As their costs have been declining in the world of online auctions, they have steadily been increasing their commissions and other costs. Try consigning a piece with one of the larger auction houses, you will be amazed at the list of costs you get hit with once you finally get the settlement invoice. Seller´s commission, lot fee, handing charge, photography costs, catalog fee, insurance, VAT on fees etc. etc.