the list (of criminals) is revealed

[mark evans]

Originally Posted by 1952boyntoncollector

nothing will change...this whole thread a waste of time....

I may be the only collector out on this limb, but I am inclined to think that the Mastro prosecutions will serve as a significant deterrent against systemic conspiracies between auction houses and consignors to shill bids. I think shill bidding by consignors and their confederates may be tougher to eradicate. Here I think auction houses would be wise to engage in some form of self-regulation that includes industry standards and efforts for identifying and ferreting out shill bidders.

[1952boyntoncollector]

Originally Posted by mark evans

I may be the only collector out on this limb, but I am inclined to think that the Mastro prosecutions will serve as a significant deterrent against systemic conspiracies between auction houses and consignors to shill bids. I think shill bidding by consignors and their confederates may be tougher to eradicate. Here I think auction houses would be wise to engage in some form of self-regulation that includes industry standards and efforts for identifying and ferreting out shill bidders.

People go to jail for insider trading too but doesnt stop anything.....as long as there is money to be made....the tv show american greed will always have new stories to tell

[Fred]

Originally Posted by 1952boyntoncollector

People go to jail for insider trading too but doesnt stop anything.....as long as there is money to be made....the tv show american greed will always have new stories to tell

Wouldn't it be interesting to see this particular incident as an episode of American Greed.....

[mark evans]

Originally Posted by 1952boyntoncollector

People go to jail for insider trading too but doesnt stop anything.....as long as there is money to be made....the tv show american greed will always have new stories to tell

Maybe so. But, what we don't know is how much insider trading has been deterred by criminal prosecutions. I don't know whether anyone has attempted to calculate this, or whether that would even be possible. I suspect a good bit.

If the issue is whether prosecutions will deter all criminal conduct by auction houses, we all know the answer. There will always be some greedy and brazen knuckleheads willing to run the risk of prosecution for money. Having spent a career in law enforcement, I believe we need to provide sufficient funding to investigative agencies and prosecutors, both federal and state, to bring these people to justice.

[HRBAKER]

drcy - excellent post
it's easy to complain, tougher to go without

[D.P.Johnson]

Originally Posted by HRBAKER

drcy - excellent post
it's easy to complain, tougher to go without

+1

[1952boyntoncollector]

Originally Posted by mark evans

Maybe so. But, what we don't know is how much insider trading has been deterred by criminal prosecutions. I don't know whether anyone has attempted to calculate this, or whether that would even be possible. I suspect a good bit.

If the issue is whether prosecutions will deter all criminal conduct by auction houses, we all know the answer. There will always be some greedy and brazen knuckleheads willing to run the risk of prosecution for money. Having spent a career in law enforcement, I believe we need to provide sufficient funding to investigative agencies and prosecutors, both federal and state, to bring these people to justice.

right i would be interested if there has been an increased funding on these issues.....i suspect not...