Mercury Group, Russia's largest luxury retail company, will assume control of boutique auction house Phillips de Pury & Company, according to an agreement announced today. Under the terms of the deal, Simon de Pury will remain chairman and an important stakeholder in the company.

We have seen tremendous growth in the company over the last four years and this partnership with a major player in the luxury sector will allow us to provide a unique platform to new and fast growing markets,” said de Pury in a press release issued by Phillips. “Russia has clearly emerged as an important art market and there is no doubt that my vision for the company and Mercury Group's vision are aligned. This is a fantastic opportunity for the global reach of Phillips de Pury & Company to become even stronger. We now look forward to the future with a significantly enhanced capital base and exciting growth prospects.”

The Mercury Group’s other holdings include The Tretyakov Projezd, the Barvikha Luxury Village, and TSUM department store.