Arnault is bought out of Phillips by de Pury & Co
Luxury goods magnate Bernard Arnault finally abandoned his attempt to compete with Christie’s and Sotheby’s at the top end of the art market last week when he sold his remaining 27.5 per cent stake in troubled auction house Phillips to its joint chief executives Simon de Pury and Daniella Luxembourg.
Speaking about his hopes for the future of the company, Mr de Pury said that the management buy-out …