Anatomy of the Rise and Fall of a Price-Fixing Conspiracy: Auctions at Sotheby's and Christie's / Orley Ashenfelter, Kathryn Graddy.

Format:

Book

Author/Creator:

Ashenfelter, Orley.

Contributor:

National Bureau of Economic Research.

Graddy, Kathryn.

Series:

Working Paper Series (National Bureau of Economic Research) no. w10795.

NBER working paper series no. w10795

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Anatomy of the Rise and Fall of a Price-Fixing Conspiracy

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2004.

Summary:

The Sotheby's/Christie's price-fixing scandal that ended in the public trial of Alfred Taubman provides a unique window on a number of key economic and antitrust policy issues related to the use of the auction system. The trial provided detailed evidence as to how the price fixing worked, and the economic conditions under which it was started and began to fall apart. The outcome of the case also provides evidence on the novel auction process used to choose the lead counsel for the civil settlement. Finally, though buyers received the bulk of the damages, a straightforward application of the economic theory of auctions shows that it is unlikely that successful buyers as a group were injured.

Notes:

Print version record

September 2004.