As the major auction houses gear up for their big fall sales over the next two weeks, a third player is giving them a run for their money. “The historical tug-of-war between Sotheby’s and Christie’s has turned into an expensive three-way fight. Since LVMH bought Phillips, the London-based auction house a year ago, it has been going after property at any cost, dipping into LVMH’s deep pockets to become a major player.” – New York Times