By Kiša Lala
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.
The space will premiere in November with their show, "Carte Blanche," directed by Philippe Segalot, the former international head of Christie's Contemporary Art department, and be curated by other art world figures. Evening sales along with single-owner and jewelry sales will take place over three floors with skyboxes on offer for premium clients.
The Meatpacking District location will continue to showcase design and photography, and Chairman, Simon de Pury says, "Finally with 450 Park Avenue and 450 West 15th Street, Phillips de Pury will have the ultimate contemporary art spaces both uptown and downtown." He added in the WSJ, "While downtown is a space where contemporary-art lovers frequent, there are still a lot of clients based uptown, so this will be a small convenience for them to have more access to us."