In the auction world, Sotheby's and Christie's have a commanding lead, but coming in at the third-largest, Phillips, de Pury & Company is nipping at their heels. Although Phillips has been working out of New York since 2001, the company got its start in England more than 200 years ago.
Phillips still has offices in London, and many other major cities across the globe, like their salesroom in Geneva and gallery in Zurich, but their primary operations are handled out of the Big Apple.
Phillips, de Pury & Company have been trying to gain a head of steam in the auction world. After Sotheby's and Christie's were both found to be guilty of price-fixing, Phillips used their solid reputation to climb the ladder. However, they're still behind the two powerhouses.
Phillips deals in Contemporary Art, Photography, Art, Jewelry, and 20-21st Century Design. They're as old and reputable as any other auction house in the world, but they choose to stray away from the accepted model of selling only antiques and classic fine art.
The approach works well. As a Sotheby's imitation, Phillips wouldn't have half the recognition it has now. But as an original auction house, dealing in something different, they manage to stand out.
Harry Phillips founded the auction house in 1796 in London. Known as simply Phillips, Harry opened his venture after resigning as the senior clerk to James Christie (Christie's). Phillips was doing an auction a month in his first year of business. The reputation came quickly.
Even the likes of Napoleon were dropping in on Phillips' auction house to bid on the items. At the time, Phillips was in competition for the same type of merchandise as Christie's. In order to stand out, he employed a different type of showmanship.
Phillips would use flair and elaborate introductions and smooth-tongued dialogue to promote his pieces. He would also hold auctions in the evening, making them more like social events and less like bidding wars. This immediately gained the attention of the aristocracy.
William Augustus Phillips, Harry's son, took over from his father after his death in 1840. William changed the name of the business to Messrs, Phillips & Son soon after, and then changed it again to Phillips, Son & Neal in 1882 when his son-in-law entered into the business. The name continued for nearly 100 years. In the 1970s, the name was turned back to Phillips. No matter what the name, the company continued to rise.
In 1999, Phillips was purchased by the LVMH group (Moet Hennessy Louis Vuitton). However, after horrific sales led to heavy losses, Bonhams purchased Phillips in 2001 and began to restructure the business. Smaller departments of Phillips were purchased by Simon de Pury and Daniella Luxembourg and business continued under the name Phillips de Pury & Luxembourg.
In 2004, the company underwent further changes when Simon de Pury acquired the majority of the company. He decided to focus on modern and contemporary art which resulted in much new talent coming to the market in these fields. The company was renamed at this time Phillips de Pury & Company.
In 2008, Phillips was purchased by the Mercury Group for roughly $60 million. The auction house is currently in a retooling process again, but promises to be even larger after the new ownership settles in.
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