Phillips de Pury Sold to Russsian Retailer

The Wall Street Journal is reporting that Phillips de Pury, the worlds third largest auction house and contemporary art specialist, has been sold to Russian retailer Mercury Group.

The WSJ article states "The transfer of ownership to the Moscow-based Mercury Group gives London-based Phillips deep pockets to keep funding its events and financial arrangements with sellers and buyers of contemporary art. Phillips is the first company in years to threaten the duopoly of auction houses Sotheby's and Christie's International."

The WSJ article continues "By offering lucrative terms to sellers and specializing in newcomer artists from Russia and China, Phillips has been able to increasingly win consignments away from Sotheby's and Christie's. But unlike its rivals, the company is particularly vulnerable to art-market mood swings because of its singular focus on selling contemporary art, typically the most speculative end of the art market."

As noted here on the AW blog over the past few months, the large international auction houses have certainly been an active group and expansive group. Sotheby's recently becoming a player in the primary markets with the studio direct offering of Damien Hirst's art, and Christies purchasing the Haunch of Venison Gallery. Now Phillips, with new financial backing from Russia, may be poised for growth and a larger share of the market.

To read the Oct 7th Wall Street Journal article click HERE.