The Russian Holding company redeemed the Phillips de Pury.

The head office Phillips de Pury, New-York

The international auction house Phillips de Pury & Company declared the concluding of long-term contract with company Mercury Group, the leading distributor of luxury brands in Russia. As it was found out Phillips de Pury became a part of the Russian holding structure. The ex-owner of the house Simon de Pury stayed at the post of chairman and owns a significant package of shares.

«During last four years Phillips de Pury was going through a great upswing and this contract will give us an ability to go ahead, being established at the new, developing markets» – Simon de Pury says. «Russia showed itself to be a strong player at the global art market. Amalgamation with Mercury Group gave us unique opportunities of growth and there are no any doubts that we will become stronger», – the ex-owner of the auction house said.

As a result of the negotiations, which started in July 2007, the Russian holding redeemed the control package of auction house’s shares.

Today Phillips de Pury is one of the world’s leaders in sale of works of modern art, objects of design, photo and antique. In the situation of increasing financial crisis the auction house demonstrated unprecedentedly high paces of increase, declared 80% of sales from the middle of the last year. The company specializes in several spheres, setting up auctions, accompanying private art-deals and consulting about composing collections.

A new owner of the Mercury Group is the greatest retailer of the lux class’ goods. The company has shops of such brands like Giorgio Armani, Patek Philippe, Dolce & Gabbana, Prada and also the Moscow department store TSUM, the cottage settlement Barvikha Luxury Village, net of shops and auto saloons in Moscow.

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Published in: on November 19, 2008 at 9:14 am  Leave a Comment  
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