N e w s

The Court of New York has started the examination of the case against two antique trading houses Sotheby's and Christie's, charged with commission overstating, reports Itar-Tass. The case was started by private collectors of Great Britain, Australia and the US.

The companies are charged with making an illegal agreement to raise the commission and deliberately increasing the amount since 1992. Particularly, Sotheby's raised the rate from 10% to 15% and Christie's - to 20%. Meanwhile, the agency reports, this oldest trading house Sotheby's is facing the most serious crisis in all 256 years of its existance - the dramatic fall of its stock rates.

Before the resigning of the company president Alfred Taubman and its chairman Diana Brooks in January 2000, the price per one share of Sotheby's was $29.88 from $47 last year, and last Tuesday it dropped to $14.5 per share.

Sotheby's и Christie's are presently controlling 95% of world antique and art transactions. In case the court makes a desicion to enforce the closing down of these houses, the whole network of world auction market will be put on the verge of collapse, reports the agency.

Source: Lenta.ru