Sotheby's auction house has been fined more than 20 million euros (Ј13m) by the European Union for operating a price-fixing cartel during the 1990s. The figure of 20.4m euros accounts for 6% of the annual Sotheby's turnover. Rival Christie's escaped a fine, despite being implicated, because it "was the first to provide crucial evidence", said the EU. The pair handle 90% of the auction market, and have been under investigation by the EU for breaking fair trade rules. They were accused of inflating commission fees and defrauding art sellers out of Ј290m.

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