Page:2020-07-29 PSI Staff Report - The Art Industry and U.S. Policies that Undermine Sanctions.pdf/48

 '''3. Phillips'''

Harry Phillips founded Phillips Auction House ("Phillips") in 1796. Phillips first achieved "international recognition by selling paintings from the estate of Queen Marie Antoinette and household items from Napoleon Bonaparte." The company was eventually passed to Harry's son and remained with the family through the 1880s and into the early 1900s. By the 1970s, Phillips expanded its catalogue to include “fine art, furniture, and estate collections."

In 1999, Phillips was purchased by Bernard Arnualt, chairman of Louis Vuitton Moet Hennessey, who subsequently merged the company with the auction house of private art dealers Simon de Pury and Daniela Luxembourg. In 2001, Phillips and Bonhams & Brooks confirmed they would merge all operations in Great Britain to trade under the name Bonhams. This restructuring allowed Phillips, de Pury & Luxembourg to concentrate on the high end market and transfer their lower-end art sales to Bonhams. In 2002, Simon de Pury took majority control of the company. Six years later, Mercury Group, a luxury retail company, acquired a majority share in the company, and later obtained full control in 2013.

Phillips is headquartered in London, where it conducts sales in a limited number of categories contemporary art, photographs, furniture, watches, and jewelry and advertises itself as "the most dynamic and forward-thinking auction house." The company's business also includes special exhibitions, private sales, and advisory and consulting services for private estates, corporate clients, and museums. Phillips has ten locations around the globe, including New York, Hong Kong, Geneva, Moscow, Paris, and Seoul. In 2019, Phillips had total sales revenue of $908 million, "with private sales ending the year at $171.8 million and marking a 34 percent gain from the previous year."