Phillips was founded in 1796, and did fine until four years ago when the push to compete with Sotheby’s and Christie’s turned serious. “Phillips, which was supposed to become a major force in the art market, is left with just half a dozen departments and some 85 employees. This journey to disaster started out sensibly enough. Arnault’s LVMH group has made a fortune from marketing scent, champagne and suitcases and Arnault believed that selling art would be no different…”