Phillips (auctioneers)

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Phillips, formerly known as Phillips the Auctioneers, and briefly as Phillips de Pury, is an auction house founded in London in 1796, with current headquarters in New York City.[1]

History[edit]

Phillips was founded in 1796 by Harry Phillips, who had been a clerk to James Christie. The business held twelve auctions in its first year and soon became successful. Napoleon and Beau Brummel were among the early patrons. Harry Phillips died in 1840, and the business passed to his son William Augustus, who renamed it Phillips & Son; when his son-in-law Frederick Neale joined in 1882, the company became Phillips, Son & Neale. It was renamed Phillips in the 1970s;[1] it was usually referred to as Phillips, the Auctioneers.

In 1999 a majority stake in the company was sold to venture capitalists 3i, who resold it shortly after for a considerable profit.[citation needed] The company was bought in 1999 by Bernard Arnault of LMVH Moët Hennessy – Louis Vuitton.[1][2] After a series of disastrous sales and extremely heavy losses Bonhams bought the UK operations of Phillips in 2001 and merged them into the Bonhams name.[3] Most of the rump of the business was closed; some smaller departments were acquired by Simon de Pury and Daniella Luxembourg, who traded under the name Phillips de Pury & Company.[citation needed] In 2002 Simon de Pury acquired majority control of the firm.[1] The company opened its European headquarters in Howick Place London in early 2008.[citation needed]

On 6 October 2008, the company was purchased by the Russia-based Mercury Group,[1] which paid approximately $60 million, eventually buying up all Simon de Pury's shares.[4]

References[edit]

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