Phillips Sold to Russian Luxury Retail Group
As followers of our UnBeige Twittering learned earlier today, scrappy #3 auction house Phillips de Pury & Company has been acquired by Mercury Group, the Russian luxury retail giant. Simon de Pury will remain chairman and “an important shareholder in the company,” according to a statement issued by Phillips. The auction house entered preliminary talks with Mercury in July of 2007.
“This partnership with a major player in the luxury sector will allow us to provide a unique platform to new and fast-growing markets,” said de Pury in the release.
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