The legal battle between French art–data company Artprice.com and Christie’s has spilled over onto a new front. Artprice has filed a share-manipulation complaint against the auction house, alleging that Christie's increased the amount of damages it was seeking in a lawsuit just before Artprice announced its earnings, knowing that the move could startle investors.
The French company’s share price plunged nine percent on the day the amended lawsuit was announced publicly, February 9. That new filing raised the proposed damages from €2 million ($2.7 million) to €63 million ($86.5 million). Christie’s originally filed suit against Artprice 2008, alleging that its decision to scan old catalogs from the company constituted copyright infringement and trademark violations.
Artprice has responded to the charges levied in the suit by saying that the scanned auction catalogues in fact help promote Christie’s auctions to the 1.3 million people who subscribe to its service. Artprice CEO told Thierry Ehrmann told Bloomberg, “It’s a tactic which consists of creating a panic effect.... To me, the materiality of the offence is uncontestable.”
Comments