Christie's and Sotheby's lost credibility when they admitted to fixing fees. For decades, Christie's and Sotheby's have cultivated the notion that the two houses were locked in bitter rivalry. Even though many insiders viewed the idea skeptically, the art world was stunned last year when Christie's confirmed that it had revealed to federal officials how it had been fixing commissions with its supposed competitor. The penalties were harsh. The reputations of both houses took a blow in the auction community.
People look upon both auction houses as doubly suspicious.
Even estates are thinking of another way to go. Christie's declines to comment on any impact the debacle has had on business, while Sotheby's denies losing clients because of the scandal. But I haven't lost a deal because of it. Perhaps the troubles will amount to no more than a bump in the road. Others were less sure.