Phillips Auction House to Take Up Residence in 432 Park
The venerable British auction house Phillips has been racking up mega-million dollar sales in recent days. Now the company, which was founded in 1796, is set to move into a home befitting such funds: The Rafael Viñoly-designed condo tower at 432 Park Avenue, where just recently a single buyer plucked up three units in the slender, glass-sheathed edifice (which, at 96 stories in height, happens to be the tallest residential tower in the western hemisphere) for a hefty $91 million. Think of the wall space that the new owner has to fill—it's smart that Phillips should relocate one block south from its old home at the corner of 57th Street and Park Avenue to tap the types of potential customers who reside in the building.
“We’ve made great strides as a company in the last few years and this move to 432 Park Avenue is emblematic of that growth,” says Edward Dolman, Phillips's CEO, who previously headed up Christie’s. “It’s an extraordinary space and we believe it will help take our company to the next level."
Comprised of 55,000 square feet, the new quarters, which includes a café, are more than double the size of their location in London's ritzy Mayfair and spread across two floors of Vinoly’s structure as well as a double-height, column-free underground concourse. Additional office space will have an entrance directly across from the Four Seasons Hotel.
Although the move is targeted for this summer, Phillips has yet to settle on an architect or an interior designer for their cavernous new space. But with AD 100 Deborah Berke handling the residential interiors, Dolman is certain to rein in a major league talent.
While Phillips early on roped in tony consignments from the likes of Marie Antoinette and even Napoleon Bonaparte, the auction house has been trailing Sotheby’s and Christie’s when it comes to their total annual sales—though they’re fast catching up. This year alone, Phillips rang up Picasso’s La Dormeuse for a staggering $57.8 million and Jean-Michel Basquiat’s Flexible for $45 million. Then, a year ago, they hammered down Paul Newman’s Rolex Daytona for $17.8 million.
In their Berkeley square space, Phillips chairman Cheyenne Westphal recently installed an iconic Jean Prouvé Maison de Tropicale as but a portion of an upcoming sale. While it’s far too early to tell what they will showcase in their dramatic new space, Dolman says, “We very much look forward to 2019.”
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