The LV Capital, a subsidiary of the LVMH business group, has acquired Phillips, the British auction house which holds third rank in the world behind Sotheby's and Christie's with an annual turnover of £ 140 million (US $ 228,88 million), it was announced on November 15th 1999. The amount of this acquisition remained undisclosed but was believed to be near £ 70 million (US $ 114,444 million). The British 3i group had been Phillips' major shareholder since 1998.
Christie's was bought a few months ago by the Artemis group, a holding headed by French businessman François Pinault.
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