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Taubman Found Guilty of Price Fixing

BLOOMFIELD HILLS, MI-The national shopping center developer and former chairman Of Sotheby's Auction House faces a maximum jail term of three years and a fine of $350,000. Taubman, 76, is expected to appeal the verdict before his April sentencing date.

By Robert Carr | Updated on December 06, 2001

BLOOMFIELD HILLS, MI-A New York federal jury Wednesday found wealthy Bloomfield Hills, MI real estate developer A. Alfred Taubman guilty of one charge of fixing commission rates charged to sellers of works of art, jewelry and furniture while he was chairman of Sotheby’s auction house.

The jury decided Taubman, 76, had arranged to fix prices with Anthony J. Tennant, a member of the board of directors of Christie’s auction house, from 1993 to 1999 in violation of the federal Sherman Act. Taubman could face up to three years in jail and a $350,000 fine at his April 2 sentencing.

Sotheby’s and Christie’s International are the two largest auction houses in the world.Taubman is founder of Taubman Centers Inc. which owns and/or manages 28 urban and suburban regional and super regional shopping centers in 12 states. His son, Robert Taubman, is president and CEO of the company.

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