Phillips de Pury's new location at 450 Park Avenue, Manhattan
Phillips de Pury & Company, the world’s third largest auction house, has been expanding their ventures worldwide – and this may not come as a surprise in view of recent auctions such as at Sotheby’s, which announced record sales, an indication that the art market isn’t softening in this recession, and that investors are willing to bypass the stagnant stock market for the safety of old masters and blue-chip moderns.
Apart from their recent Contemporary Art sale with record auctions of $50 million worth of art sold, Phillips de Pury had also begun a series of innovative and profitable “theme” sales titled BRIC, MUSIC and AFRICA. The highly successful BRIC auction in April in London focused on the so-called BRIC nations, Brazil, Russia, India, and China. Repackaging art around themes has had lucrative pay-offs, and now with the economic rise of Asian countries, Phillips de Pury and other auction houses are creating a new buying frenzy among these nations’ patriotic elite.
Phillips’ move uptown to the new 25,559 square feet space, at 450 Park Ave will attract buyers who may find their other Meatpacking District location a bit out of reach – and put them in closer proximity to midtown rivals Sotheby’s and Christie’s.
