AN AUCTION MERGER AT LVMH
PARIS — LVMH Moet Hennessy Louis Vuitton will merge the British arm of its fine arts auction house — Phillips, de Pury & Luxembourg — with Bonhams & Brooks, the French luxury conglomerate said in a statement on Friday.
The joint venture, in which LVMH will hold slightly less than 50 percent, brings together the world’s third and fourth largest auctioneers. Louwan Brooks, the holding company that owns Bonhams & Brooks, will control the balance of the partnership.
“This joint venture will create an exciting new competitive force in the U.K. auction market, with initial hammer sales of more than £150 million [$211million, at current exchange rates],” said the statement.
Robert Brooks, current chairman of Bonhams & Brooks, will serve as chairman of the new venture, to be known as Bonhams. Bonhams will operate as a separate entity from Phillips. Simon de Pury, chairman of Phillips, in the statement said the merger “enables Phillips, de Pury & Luxembourg really to focus on the high end of the market.”