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Encyclopedia > Sotheby's

Sotheby's (NYSEBID) is the world's second oldest international auction house in continuous operation. Its predecessor, Baker's, was founded in London, England on 11 March 1744 when Samuel Baker presided over the disposal of "several hundred scarce and valuable" books from the library of a certain Rt. Hon. Sir John Stanley. This disposal however was not by means of auction and as Frank Herrmann and Brian Learmount observe, the business did not seek to auction fine arts in general until much later, their first major success in this field being the sale of a Frans Hals painting for 9,000 guineas as late as 1913. The current business dates back to 1804 when two of the partners of the original business (Messrs Leigh and Sotheby) left to set up their own book dealership. The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... This article or section does not adequately cite its references or sources. ... This article is about the capital of England and the United Kingdom. ... Motto (French) God and my right Anthem God Save the Queen England() – on the European continent() – in the United Kingdom() Capital (and largest city) London (de facto) Official languages English (de facto) Unified  -  by Athelstan 967 AD  Area  -  Total 130,395 km²  50,346 sq mi  Population  -  2007 estimate 50... March 11 is the 70th day of the year in the Gregorian calendar (71st in leap years). ... // Events The third French and Indian War, known as King Georges War, breaks out at Port Royal, Nova Scotia The First Saudi State founded by Mohammed Ibn Saud Prague occupied by Prussian armies Ongoing events War of the Austrian Succession (1740-1748) Births January 10 - Thomas Mifflin, fifth President... The Right Honourable (abbreviated The Rt Hon. ...


Today, the firm has an annual turnover of approximately US $2 bn, and offices on London's New Bond Street and Manhattan's York Avenue. This powerful position has been achieved through natural growth, acquisitions (most notably the 1964 purchase of the United States' largest auctioneer of fine art, Parke-Bernet), and smart management during the cyclical "art recessions" of the past century. This article is about the capital of England and the United Kingdom. ... Bond Street is a major shopping street in the West End of London. ... Manhattan is a borough of New York City, New York, USA, coterminous with New York County. ... Look up acquisition in Wiktionary, the free dictionary. ...


The company was purchased in 1983 by US millionaire A. Alfred Taubman, who took it public in 1988. A. Alfred Taubman is an industrialist and philanthropist who became rich developing shopping malls. ...


Sotheby's has an intense rivalry with larger rival Christie's for the position of the world's preeminent fine art auctioneer. The Christies auction house in South Kensington, London Christies American branch in Rockefeller Center, New York Christies is a fine art auction house, the largest and by some accounts the oldest in the world. ... Fine art refers to arts that are concerned with beauty or which appealed to taste (SOED 1991). ... An auctioneer and her assistants scan the crowd for bidders An auction is the process of buying and selling things by offering them up for bid, taking bids, and then selling the item to the highest bidder. ...

Contents

Price fixing scandal

In February 2000, Alfred Taubman and Diana (Dede) Brooks, the CEO of the company, stepped down amidst a scandal. The Federal Bureau of Investigation had been investigating auction practices in which it was revealed that collusion involving commission fixing between Christie's and Sotheby's was occurring. The Federal Bureau of Investigation (FBI) is the primary investigative arm of the United States Department of Justice (DOJ), serving as both a federal criminal investigative body and a domestic intelligence agency. ... Look up collusion in Wiktionary, the free dictionary. ... The payment of commission as remuneration for services rendered or products sold is a common way to reward sales people. ...


In October 2000, Brooks admitted her guilt in hopes of receiving a reduced sentence, implicating Taubman.


In December 2001, jurors in a high profile New York City courtroom found Taubman guilty of conspiracy. He served one year and one day in prison, while Brooks received a six-month home confinement and a penalty of $350,000. No staff from Christie's were charged. New York, New York and NYC redirect here. ... In the criminal law, a conspiracy is an agreement between natural persons to break the law at some time in the future, and, in some cases, with at least one overt act in furtherance of that agreement. ...


Auctioned artwork

On May 22, 2002, Norman Rockwell's painting of Rosie the Riveter was sold for $4,959,500. Norman Percevel Rockwell (February 3, 1894 – November 8, 1978) was a 20th century American painter. ... Rosie the Riveter: We Can Do It! - Many women first found economic strength in World War II-era manufacturing jobs. ...


Sotheby's holds the world record for most expensive painting and work of art ever sold at auction with Picasso's Garçon à la pipe in 2004 which went for a price of $104 million. Garçon à la Pipe (Boy with a Pipe) is a painting by Pablo Picasso, painted in 1905, during the 24-year-old artists Rose Period, soon after he settled in the Montmartre section of Paris, France. ...


On 3 May 2006, Sotheby's auctioned Picasso's portrait Dora Maar with Cat which was sold for $95 million to an undisclosed purchaser, becoming the second most expensive artwork sold at an auction. May 3 is the 123rd day of the year (124th in leap years) in the Gregorian calendar. ... For the Manfred Mann album, see 2006 (album). ... A young Pablo Picasso Pablo Picasso, formally Pablo Ruiz Picasso, (October 25, 1881 - April 8, 1973) was one of the recognized masters of 20th century art. ... Dora Maar au Chat Dora Maar au Chat (Dora Maar with Cat) is a 1941 painting by Pablo Picasso. ...


On June 7, 2007, a Roman era bronze sculpture of "Artemis and the Stag" was sold at Sotheby's by the Albright-Knox Art Gallery in Buffalo, New York for $25.5 million, setting the record as the most expensive sculpture and antiquity ever sold at auction. The Diana of Versailles, a Roman copy of a sculpture by Leochares (Louvre Museum) In Greek mythology, Artemis (Greek: (nominative) , (genitive) ) was the daughter of Zeus and Leto and the twin sister of Apollo. ... view from Elmwood Avenue The Albright-Knox Art Gallery is a major showplace for modern art and contemporary art located in Buffalo, New York. ... Nickname: Location of Buffalo in New York State County Erie County Government  - Mayor Byron Brown Area  - City 52. ...


Sotheby's also holds the world record for most expensive Contemporary piece of art sold at auction with Mark Rothko's White Center (Yellow, Pink and Lavender on Rose) which grossed $72.8 million in May 2007 and was offered by David Rockefeller, Sr.. This article or section does not adequately cite its references or sources. ... David Rockefeller, Sr. ...


Further reading

  • Christopher Mason, The Art of the Steal, 2004. Putnam. ISBN 0-399-15093-5
  • Peter Watson, "Sotheby's: The Inside Story", 1998. Random House. ISBN 978-0679414032

Random House is a publishing division of the German media conglomerate Bertelsmann based in New York City. ...

External links

  • Sotheby's official website
  • Sotheby's Impressionist Sale Totals $239m, Tops Low Estimate
  • IR ON THE NET: Going once, twice... delisted!

  Results from FactBites:
 
Can Old Masters be Sold on the Internet? by Raichel le Goff (753 words)
Sotheby's cannot and does not undertake full due diligence on every item sold." They say the onus is on the buyer to do his own research and be satisfied prior to purchasing.
All this means that Sothebys will have to be extremely selective if they ever place old master paintings, drawings and prints on the internet for auction if they are going to stick to their promise of guaranteeing authenticity.
Sothebys originated in London in 1744 and is still largely thought of as a British company.
  More results at FactBites »

 
 

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