Phillips

The latest Modern and Contemporary art auctions in New York took the market to new heights with $2.73bn (£1.84bn) changing hands over two weeks of flagship sales.

The Lockheed Lounge by Australian designer Marc Newson beat its own record as the most expensive work to sell at auction by a living designer when it fetched £2.1m at Phillips in London.

Phillips have made a statement of intent by opening their new saleroom and exhibition space in the heart of Mayfair and on the doorstep of Sotheby’s and Bonhams.

There was no slowing down in the Contemporary art market as the latest sales in New York posted a record for any auction series.

Christie's former chief executive Edward Dolman is to become chairman and chief executive officer of Phillips this summer.

The Contemporary art market rose to a new level last week as both Sotheby’s and Christie’s saw record sales in New York.

This year’s Frieze week auction totals in London were largely consistent with 2011, but the much-publicised sale of Eric Clapton’s prize abstract by Gerhard Richter (b.1932) proved crucial in bolstering the overall figures.

Highly lucrative totals, a record sale and a selection of unprecedented prices seen for individual artists – the Contemporary art market seemed to carry on regardless in London last week.

A string of record prices for leading names in the Contemporary art market saw the amount of money raised in the latest New York auction series heading back to boom-time levels.

THE price of $56.5m (£36.9m) seen for Andy Warhol's The Men in Her Life at Phillips de Pury's evening sale, meant that for the first time in a New York Contemporary art auction series the top lot did not come from Sotheby's or Christie's.

PHILLIPS de Pury will open a second auction and exhibition gallery in New York, at 450 Park Avenue.

THE balloon-like market for contemporary art lost much of its air last week as both the Frieze Art Fair and its related auctions suffered the full force of the global economic crisis.

The Moscow-based luxury retail giant Mercury Group have bought a majority stake in the London-based international auctioneers Phillips de Pury & Company. Phillips de Pury said that Mercury initially offered a possible partnership in July last year, but the deal developed into an effective takeover last week.

Phillips de Pury’s Hip Hop Crown Jewels auction scheduled for October 1 in New York has been postponed until March 5, 2009.

Phillips de Pury are holding the first ever auction of hip hop jewellery on October 1 in New York. The sale, titled Hip Hop's Crown Jewels will offer some serious bling worn by some of the music movement's biggest stars.

LONDON’S latest contemporary art sales saw vast sums of money continuing to be channelled into top-end post-War art as prices and confidence in the market remained high.

THE gargantuan sums of money being spent at the top end of the contemporary art market continued unabated as the latest sales series in New York saw a staggering overall premium-inclusive total of $990m.

PHILLIPS de Pury more than doubled their auction sales total thanks to the booming market for contemporary art and their increasing presence in London.

PHILLIPS de Pury look to have taken another step to increase their influence as a major player in London’s contemporary art market by forming a new partnership with The Saatchi Gallery.

Phillips de Pury & Company are to launch a new website – separate from its core brand – in the hope of capitalising on the growing interest in Contemporary art and modern design.