Phillips’ forray into the high-end art auction business has come to an end. French billionaire Phillipe Arnault has sold his stake in the company, and it is laying off workers and downsizing. Arnault bought Phillips in 1999 and “spent tens of millions of pounds on guaranteeing money to vendors, regardless of how their works of art performed in the saleroom, in an attempt to raise the company’s profile and win market share from rivals.”