ART MARKET - Phillips Auction House Is Sold
Posted on October 7, 2008 at 5:43 PM.
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In a deal likely to ruffle the global art market, a Russian retailing giant has bought a majority stake in Phillips de Pury & Co., the world's third largest auction house. The transfer of ownership to the Moscow-based Mercury Group gives London-based Phillips deep pockets to keep funding its events and financial arrangements with sellers and buyers of contemporary art.
The Wall Street Journal Phillips Auction House Is Sold
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