Posted By:
DavidI don't have an opinion on this interesting question.
The owner of Sotheby's, who was unrelatedly convicted for fixing prices with Christies, bid in his own auctions. This was considered by many to be unethical but not illegal. The practical problem for him was that he was a high-end art collector (if you own Sotheby's you have extra pocket change), and Sotheby's & Christies handles something like 90% of that market. Assuming he was sincere in his choices and his checks didn't bounce, I'm sure the consignors weren't complaining.