Soaking the Rich at Auction Evidence Files

In 1983, billionaire Alfred Taubman buys a controlling stake in Sotheby's. Taubman is noted for developing luxury shopping malls. He transforms Sotheby's into a dynamic global brand. (Source: Kurtis Productions)

The art market struggled in the early 1990s. By 1995, Canadian multimillionaire Herbert Black is looking to sell an estimated five million dollars worth of items from his art collection. Black becomes suspicious when Christie's and Sotheby's recite the same price structure. (Source: Kurtis Productions)

In 1997, the U.S. Department of Justice receives a tip from an industry insider that Christie's and Sotheby’s might be conspiring. Scott Hammond and his colleagues launch a price-fixing investigation. (Source: Kurtis Productions)

Street savvy Christopher Davidge, former Christie's CEO, is one of the key informants for the price-fixing investigation. Davidge provides incriminating documents to Christie's lawyers. These documents secure immunity for the auction house in the criminal case. (Source: Marina Garnier)

In early 2000, FBI Special Agent Jane Rhodes questions former Christie's CEO Christopher Davidge. He explains how he finalized the price-fixing agreement with Sotheby's CEO Diana Brooks during a secret meeting at John F. Kennedy International Airport. (Source: Kurtis Productions)

Former Sotheby's CEO Diana Brooks pleads guilty to one count of price fixing, but she claims that she was just following orders from Alfred Taubman. Brooks is sentenced to three years supervised release, including six months of house arrest. (Source: AP GraphicsBank)

Between February 1993 and October 1996, Alfred Taubman and the Chairman of Christie's Sir Anthony Tennant met at least twelve times. Eight of those meetings occurred at this London flat. Sir Anthony Tennant had handwritten notes that detail the conspiracy. To this day, Taubman maintains that he and Sir Tennant did not discuss prices during those meetings. (Source: Christopher Mason)

Christopher Mason's "The Art of the Steal" is recognized as the most authoritative account of the price-fixing scandal. He recalls, "Sotheby's and Christie's had only been making their money by charging a commission to the buyer. It just wasn't enough to keep the two giants afloat." (Source: Kurtis Productions)

In April 2002, Taubman is sentenced to one year and one day in prison for conspiring to fix prices with rival Christie's. Both firms eventually pay a combined half a billion dollars to the customers who were overcharged. (Source: AP GraphicsBank)