Phillips merges with de Pury & Luxembourg

The merger should significantly boost Phillips’ standing in the developing European market as Mr de Pury is acknowledged as being one of the most influential movers and shakers in the trade with unrivalled contacts among wealthy collectors and dealers. It also points to Phillips developing its art agency business, an increasingly popular choice for transactions at the top end of the market because of its speed, cost and comparative confidentiality. De Pury & Luxembourg, along with New York dealers Mitchell-Innes & Nash – with whom they allied themselves earlier this year – are thought to be among the most successful art agents on the international scene. With Etude Tajan, Paris’s leading auction house, already tied in with Phillips, this latest move puts the new group, with the backing of parent company LVMH, the Bernard Arnault-owned luxury goods group, in a powerful position to dominate the deregulated French auction scene next year.

After the firms merge on January 1, the resulting group will be named Phillips, de Pury & Luxembourg, with Simon de Pury and Daniella Luxembourg assuming overall management for the group internationally and focusing in particular on art market issues and client contact. “The merged company will seek to become the leading art sale firm, combining both public auctions and private sales, while also providing the highest-quality specialist advice and client services,” say Phillips.

De Pury & Luxembourg will continue their activities in Geneva and Zurich and will operate as a wholly owned subsidiary of Phillips.

Following the merger, Lord Powell of Bayswater will remain as chairman of the Advisory Board, while taking on additional responsibilities as the chairman of LVMH (UK) and adviser to LVMH’s chairman. Chris Thomson will remain as chief executive of Phillips’ UK businesses and there will be new appointments on both the management and specialist side announced during the first quarter of 2001.

Simon de Pury, who co-founded de Pury & Luxembourg in 1997, had already had a distinguished career in the international art and antiques business, culminating in his chairmanship of Sotheby’s Europe and his role as the group’s chief auctioneer. He took the gavel, on a freelance basis, in New York in November for Phillips’ Impressionist and Modern sales. His partner, Daniella Luxembourg, has also enjoyed a distinguished career, with highlights including co-founding Sotheby’s Israel and becoming deputy chairman of Sotheby’s Switzerland in 1993.