With Sotheby’s and Christie’s busy with investigators, the auction-house competition behind them consolidates. After buying Phillips, the world’s third largest auction house, less than four months ago, LVMH Moet Hennessy Louis Vuitton buys Tajan, France’s largest auction house. The deal will allow Phillips to enter the French auction market, which remains closed to foreign auctioneers. It will also give Tajan’s customers access to the London and New York markets, where Phillips has sales and where taxes are lower than in France. – New York Times
- And: Sotheby’s/Christie’s problems could level the playing field. – BusinessWeek