Did Sotheby’s have an ethical obligation to intervene and pay the consignees after Ritchie’s failed to be able to do so?
Sotheby’s relies primarily on reputation to attract sellers, bidders, and to maintain its position as one of the top auction houses in the world. Even though Sotheby’s did not need to pay the consignees, the company’s reputation was at stake. A loss in its reputation would be more costly to Sotheby’s than reimbursing those who lost money due to the Ritchie’s fraud.
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