NEW YORK, April 22: The owner of Sotheby’s auction house, US billionaire Alfred Taubman, was sentenced on Monday to one year of prison and a 7.5 million-dollar fine for entering into an illegal price-fixing agreement with rival Christie’s.

A Manhattan federal court jury on December 5 found Taubman, 76, guilty of conspiring with Christie’s management to set higher commission rates charged to sellers as well as buyers.

Clients of the world’s top two auction houses lost some 400 million dollars as a result of the fraud, the prosecutor claimed.

Christie’s management enjoys immunity from prosecution after agreeing to testify against Sotheby’s and provide the documents needed to prove fraudulent intent. Taubman is Sotheby’s major shareholder, although he has resigned as its president.

The sentence, which could have been up to three years behind bars, was handed down by Federal Judge George Daniels, who gave no comments.—AFP