Sotheby's pleaded guilty yesterday in a price-fixing scheme with auction house rival Christie's but a US federal judge delayed action on the plea for at least 45 days to consider whether victims would be adequately compensated.

As part of its plea agreement with the Department of Justice, Sotheby's has agreed to pay a $45 million fine. However, US District Judge Lewis Kaplan said he could not accept or reject the plea due to his concerns about a provision in the deal that prohibited the government from seeking restitution on behalf of victims of the scheme.

The judge asked the parties to submit papers concerning the economic losses caused by the conspiracy and Sotheby's ability to pay the civil settlement and criminal fine. He set a hearing on December 4th to consider the plea.