Phillips de Pury Auction House Sold

Auction house Phillips de Pury  has been sold to Mercury, a Moscow-based luxury goods group.
Phillip's founder Simon de Pury will still remain as chairman and will have a share in the company.
This isn't Phillips's first spin with a luxury conglomerate, it was was briefly owned by LVMH.
For Phillips, the new owners will provide a big influx of capital so that Phillips can continue adding to their contemporary art auctions and it will also likely bring some important auctions to Moscow. [from ft.com]
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