06/11/2001

On November the 1st the UK auction house Bonhams & Brooks finally announced its merger with Phillips (UK) to create a new bigger company, simply called “Bonhams”, with the first sales pencilled in for January 2002. Bonhams have already a combined annual turnover of $ 109 million (€ 121 million), but with the incorporation of Phillips’ UK operations, the annual sales turnover could grow to $ 218 million (€ 243 million). The new Bonhams have stated that they will keep the old Phillips (UK) premises, which comprises of three London sites and 40 offices in the UK, but staff cuts are expected. The merger also marks Phillips, de Pury and Luxembourg’s decision to abandon the art market in Britain to focus on sales of top-end art in Geneva and New York. Whether this smaller company will continue to include the name Phillips for much further in the future is presently unknown. (Andrew Moore)