NEW YORK, NY.- Phillips and Macklowe Properties announced that the auction house will move its New York headquarters into the iconic 432 Park Avenue, the tallest residential tower in the Western Hemisphere and one of the most recognizable buildings on the New York City skyline.

The move will allow Phillips to create one of the leading venues for experiencing art in New York. As part of the move, the auction house will take over 55,000 square feet of commercial space at 432 Park Avenue. This will include the Park Avenue Cube, a white-glass modernist structure that will be a glowing beacon at night holding more than 5,000 square feet of space on two floors on the northwest corner of 56th Street and Park Avenue. In addition, Phillips will occupy the double-height, column-free underground concourse of more than 30,000 square feet with direct access from Park Avenue, and executive office space with an entrance on 40 East 57th Street across from the Four Seasons Hotel.

Based in New York and London, Phillips, founded in 1796, has experienced extraordinary growth in the past four years, hiring many leading art world specialists, opening an office in Hong Kong and holding regular auctions in Asia, and selling some of the most sought-after works of art in the world. Recent highlights include the sale of Pablo Picasso’s La Dormeuse for $57.8 million, Jean-Michel Basquiat’s Flexible for $45 million, Peter Doig’s Rosedale for a world-record $28.8 million, and the actor Paul Newman’s Rolex Daytona for $17.8 million, a world-record price for a wristwatch at auction. The auction house plans to host sales of 20th Century & Contemporary Art, Design, Photographs, Watches, Editions and Jewelry in its new home starting next year.

“We are absolutely delighted to move our New York headquarters to 432 Park Avenue, the most extraordinary addition to the New York skyline in a generation,” said Edward Dolman, Chief Executive Officer of Phillips. “We have experienced exponential growth in recent years, and this move marks a significant milestone for our company, our employees and our clients, who will all benefit from the many opportunities presented by this expansion. The new location offers a state-of-the-art exhibition space to display contemporary art, design, watches and jewelry, and matches the unrivaled setting we offer collectors in our London gallery in Berkeley Square in Mayfair.”

Harry Macklowe, Chairman of Macklowe Properties, added, “This move by Phillips Auction House has fulfilled my vision to house the company in an appropriate home to allow it to more effectively serve the public and continue to create a strong voice in the art world. The auction house presents significant and rarified objects here and internationally, and we are pleased and recognize Phillips as a complementary neighbor to our world-famous building. We welcome Phillips and are looking forward to its continued success and growth.”

Along with auctions and exhibitions, the space will feature a cafe, auditorium and private sales galleries, and the venue will allow for the strategic integration of digital elements into the design of the galleries to represent a 21st-century auction house. Phillips will move its staff to a full floor within 432 Park Avenue’s executive office space at 40 East 57th Street. Entry to the offices is marked by a 93-foot glass totem that reflects the design of the soaring 96-story residential tower leading to a private attended lobby. Phillips’ expansive, column-free offices will cover more than 19,000 square feet with floor-to-ceiling windows letting in an abundance of natural light.

“We’ve spent several years carefully considering the best location for our business and have seen almost every viable commercial space in the city for our new headquarters,” said Sean Cleary, Chief Operating Officer, Americas, at Phillips. “It became very apparent that 432 Park Avenue is a remarkable location and clearly the ultimate space for art exhibitions, auctions and events.”

Designed by architect Rafael Viñoly and Harry Macklowe, 432 Park Avenue provides incomparable residences with spectacular views of Central Park, the Hudson and East Rivers, Atlantic Ocean, and many famous Manhattan buildings. In the hub of New York City’s premiere shopping district, Phillips will be part of the continuation of luxury brands and retailers on the stretch from 57th Street and 5th Avenue up to Park Avenue, including Bergdorf Goodman, Louis Vuitton, Prada, Burberry, Christian Dior, Chanel, Tiffany & Co., Fendi, Bulgari, Saint Laurent, Audemars Piquet, Tourneau, and Breitling.