Simon de Pury has left Phillips de Pury & Company

De Pury’s resignation came as a surprise to many of those involved. It could not be verified yet, if different interests about the future of the auction house caused de Pury’s leave.

De Pury has been chairman of the auction house that partly bares his name for twelve years and his departure comes after Mercury Group, a Moscow–based investment firm that first bought into the house in 2008, acquired his share of the business.

While the official statement from the auctioneer was upbeat – 'During the wonderful and exciting years I had the privilege to spend at Phillips de Pury & Company the firm has become a major taste maker in contemporary art, design and photography. I embark on new adventures comfortable with the knowledge that the company is in an excellent position and has been going from strength to strength' – a report in the New York Post claims he was pushed out, though this has not been verified. The auction house will be renamed Phillips. Simon de Pury's wife, Michaela de Pury, a senior director at the house, will also leave the company.

Founded in London in 1796, the auction house is one of the oldest and most renowned companies in the sector. The company had various changing owners in the past decades. The investment company 3i bought the majority stake in 1999 and made it profitable to sell it with a sizeable financial profit to LVMH (owned by Bernard Arnault). Simon de Pury and Daniella Luxembourg were appointed managing directors. But economic success did not come, and subsequently Simon de Pury acquired the majority of the shares of Phillips de Pury. In 2008, the Mercury Group acquired the major share of the business for an estimated $60 million, and will now buy de Pury’s share aswell.