Sotheby’s, Christie’s to Settle Litigation

Auction house Sotheby’s Holdings Inc. and its rival Christie’s will each pay $20 million to settle antitrust litigation related to a costly price-fixing scheme, Sotheby’s said.

The agreement, which is subject to court approval, will settle a class-action lawsuit that sought damages through U.S. courts related to overseas auctions that took place from 1993 to 2000, the company said.