Sotheby's: : The Inside Story

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Summary: Evidently greed kills the I.Q.
Review: "The venerable Sotheby's auction house and its former chief executive pleaded guilty Thursday to fixing commission prices and fees with rival Christie's, admitting they had ripped off clients for years. Sotheby's, which controls virtually the entire $4 billion worldwide auction market along with Christie's, admitted to an antitrust conspiracy uncovered during a three-year investigation by the Justice Department. Former CEO Diana D. Brooks, the first woman to head a major auction house and one of the most powerful figures in the art world over the past decade, faces up to three years in federal prison when she is sentenced Jan. 5."

The three paragraphs above were from last weekend's New York Times. If not bringing an end, it will close at least one chapter, and at least give collectors some period of time when they will be treated with respect and integrity. There have been several books about these auction houses and the way they conducted their businesses. Mr. Peter Watson published this book at the end of 1997; perhaps recent events will bring it back into print.

Mr. Watson's book sparked several stories including a feature on 60 minutes. This specific story relates how Sotheby's routinely broke international law as part of their day-to-day business. Many Countries wish to control art they feel is part of their heritage, and protect archeological sites from being destroyed for the pieces collectors will buy.

What struck me as I read this book and others on the topic, was the monumental arrogance of those who directed these crimes as a matter of company policy. Their arrogance seemed to stem from the value of what they traded in; they seem to behave as if they were a one of a kind treasure for which the laws did not apply. The only other flaw that matched their arrogance was their judgment. The painting that was illegally smuggled for sale in New York could have been sent legally!

A woman who may not have been popular with those who had to work for her, was nevertheless one of the more influential persons in the International Art World. Now at the age of 50, instead of enjoying decades of continued success, she will on January 5 head to a Federal Prison where she will stay for years. The saga is not yet over as she insists the Owner of Sotheby's was aware and condoned her actions. If that is the case, a very distinguished businessman will, as he has said, "diligently defend himself".

This book is not just about art. It is about the greed that allows individuals to conduct themselves without respect for the law, and the heritage of the Countries they blithely destroy. But it needs to be mentioned that without collectors willing to pay whatever the cost of admission to collecting is, are also as guilty as the purveyors. Sotheby's may have "laundered" art, and many buyers may believe they were buying items they had every right to buy. However after reading what I have, the illicit nature of the Art World is part of the appeal. It is at least part of what makes the genre of books involving the theft, the fraudulent reproduction of artwork, and associated crimes so appealing to readers.

Rating:
Summary: Illegal activities within the antiquities marketplace...
Review: Long-time art world journalist Peter Watson takes us undercover to follow the trail of illegal excavation, theft, smuggling and trade of unprovenanced antiquities that eventually find their way into the catalogs of the world renowned Sotheby's auction house. This well-documented investigation begins with an undercover effort to illegally export an old master painting by Nogari out of Italy for an upcoming London auction held by Sotheby's to the theft of religious antiquities from a remote village in northern India. With the help of documents kept by an ex-Sotheby's employee and several undercover investigations Peter uncovers the auction house's blatant disregard for the laws protecting antiquities from the appraisers all the way to the top chain of command. This book makes interesting reading for anyone who enjoys reading about real-life international intrigue, smuggling, and unscrupulous business practices.