Phillips (auctioneers)
| Company type | Private |
|---|---|
| Industry | Auction house |
| Founded | 1 January 1796 in London, England |
| Founder | Harry Phillips |
| Headquarters | London and New York City , United Kingdom, United States |
Area served | Worldwide |
| Products | Auctions |
| Owner | Mercury Group |
| Parent | Mercury Group |
Phillips, previously recognized as Phillips the Auctioneers and briefly operating under the name Phillips de Pury, is a British auction house. Established in London in 1796, it maintains principal offices in both London and New York City. As of 2022, ownership belongs to the Mercury Group, a luxury goods conglomerate based in Russia.
History
The origins of Phillips trace back to 1796 when Harry Phillips, formerly a clerk for auctioneer James Christie, founded the firm. In its inaugural year, the company conducted twelve auctions and quickly gained prominence. Early clients included notable figures such as Napoleon and Beau Brummel. Upon Harry Phillips’ death in 1840, leadership passed to his son William Augustus, who rebranded the firm as Phillips & Son. The inclusion of his son-in-law Frederick Neale in 1882 led to another name change: Phillips, Son & Neale. By the 1970s, the company adopted the simpler title Phillips and was commonly known as Phillips, the Auctioneers. In 1998, Phillips expanded by acquiring Selkirk, a St. Louis auction house with a history spanning 168 years.
In 1999, venture capital firm 3i acquired a majority stake in Phillips but quickly sold it at a significant profit. Later that year, ownership transferred to Bernard Arnault of LVMH Moët Hennessy – Louis Vuitton. Following a series of unsuccessful sales and substantial financial losses, the UK branch was sold to Bonhams in 2001 and integrated into their operations. The remaining parts of the company were largely dissolved; however, some smaller divisions were taken over by Simon de Pury and Daniella Luxembourg, who operated under the name Phillips de Pury & Company. By 2002, Simon de Pury had secured majority ownership of the enterprise.
On 6 October 2008, the Russian Mercury Group acquired Phillips for an estimated $60 million. Simon de Pury divested his remaining shares to Mercury in late 2012 and subsequently departed from the firm. Following this transition, the company reverted to its original name, Phillips.
In December 2018, Phillips entered into an agreement for retail premises at 432 Park Avenue, including space within the adjacent Park Avenue Cube. The lease encompasses roughly 5000 m2 (55000 sq ft) at ground level beneath the tower and an additional 3000 m2 (30000 sq ft) underground.
References
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