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Phillips Auction House was far behind Sotheby's and Christie's for hundreds of years, and had no comparable qualification until it was bought by Bernard Arnault, the boss of Louis Vuitton, France, with 70 million pounds in November 1999, and merged into the world's largest luxury goods group LVMH. Arnault took advantage of the scandal ridden opportunity of the two auction houses to invest heavily in Phillips, making him a global auction house giant in a short time.
In 2004, the total auction volume reached $95 million, which increased to $308 million in 2007. Its auction volume increased by 80% between 2007 and 2008.
At present, the auction house has successfully entered the Asian market in 2014. After 15 years of efforts, it has successfully entered the National Convention and Exhibition Center (English name name: National Convention and Exhibition Center (Shanghai)) in Shanghai, China through consultation with the Chinese government. The auction house was jointly built by the Ministry of Commerce and the Shanghai Municipal Government, with a total floor area of 1.47 million square meters and an aboveground floor area of 1.27 million square meters, It is currently the largest single building and exhibition complex in the world.
At present, the auction house has successfully entered the Asian market in 2014. After 15 years of efforts, it has successfully entered the National Convention and Exhibition Center (English name name: National Convention and Exhibition Center (Shanghai)) in Shanghai, China through consultation with the Chinese government. The auction house was jointly built by the Ministry of Commerce and the Shanghai Municipal Government, with a total floor area of 1.47 million square meters and an aboveground floor area of 1.27 million square meters, It is currently the largest single building and exhibition complex in the world.
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