  A market model with $d$ assets in discrete time is considered where trades
are subject to proportional transaction costs given via bid-ask spreads, while
the existence of a num\`eraire is not assumed. It is shown that robust no
arbitrage holds if, and only if, there exists a Pareto solution for some
vector-valued utility maximization problem with component-wise utility
functions. Moreover, it is demonstrated that a consistent price process can be
constructed from the Pareto maximizer.
