Phillips Auctioneers Signs Lease for New Flagship Building in New York City: 3 West 57Th Street Will House Salerooms, Galleries and Offices.

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 6, 2000

Phillips Auctioneers, the international fine art auctioneers, announced today that it has signed a lease for a new North American flagship building at 3 West 57th Street at Fifth Avenue in New York. Phillips is relocating in view of its recent dramatic expansion and ongoing plans for growth.

Located in the heart of midtown New York, the striking, twelve-story, 60,000 square foot building will house Phillips' salerooms, exhibition galleries and specialist departments.

Designed by architect Adolph Lanchen Muller, the 1947 sandstone building features art deco- style architectural detail with a dramatic pink granite, glass and metal entranceway. The 5,000 square-foot ground floor, formerly occupied by the Greenwich Savings Bank, lends itself well to an auction house, with such features as double-height ceilings and a column-free space. The main saleroom is expected to have capacity for approximately 500 people.

Christopher Thomson, CEO of Phillips Auctioneers said, "We are delighted to have found this new home for Phillips in New York. This wonderful building, ideally situated in the heart of Manhattan, will enable Phillips to expand its position as one of the world's leading auctioneers."

Renovations are scheduled to begin shortly, and the building is currently anticipated to open in Spring 2001.

Colliers ABR, Inc. served as the broker for this transaction. Terms were not disclosed. The building is owned by El-Kam Realty Company of New York.

Phillips

Phillips was founded in 1796 and today annually holds more than 800 auctions worldwide and boasts specialists with knowledge in over 100 subjects, from old master paintings and fine furniture to sporting memorabilia and contemporary ceramics. The company employs approximately 600 people worldwide. Phillips was acquired in 1999 by LVMH Moet Hennessy Louis Vuitton, the world's leading luxury products group.

Phillips Auctioneers New York Fall Schedule 2000

November 6th Impressionist and Modern Evening Sale

November 7th Impressionist and Modern Day Sale

November 13th Contemporary Art Evening Sale

November 14th Contemporary Art Day Sale

November 28th American Art

December 4th Pioneers of Avant-Garde Design

December 10th Antique and Fine Jewelry (a.m.)

December 10th Perfume Presentations (p.m.)

LVMH

LVMH Moet Hennessy Louis Vuitton, the world's leading luxury products group, is represented in Wines and Spirits by a portfolio of brands that includes Moet & Chandon, Dom Perignon, Veuve Clicquot Ponsardin, Krug, Pommery, Chateau d'Yquem, Chandon, Hennessy and Hine. The Fashion and Leather Goods division includes Louis Vuitton, Celine, Loewe, Kenzo, Givenchy, Christian Lacroix, Thomas Pink, Fendi and Pucci. LVMH is also present in the Fragrances and Cosmetics sector with Parfums Christian Dior, Guerlain, Givenchy and Kenzo, and has recently acquired six promising cosmetic companies, Bliss, Hard Candy, BeneFit Cosmetics, Urban Decay, Fresh and Make Up For Ever. LVMH is active in selective retailing through DFS, Sephora and Le Bon Marche. The Group has established a Watch and Jewelry division comprising TAG Heuer, Ebel, Chaumet, Zenith, Fred, as well as Omas, the prestigious Italian writing instruments company.

Phillips, one of the world's largest auction houses, which has recently teamed up with L'Etude Tajan, also belongs to the LVMH group. Connaissance des Arts and Art & Auction Magazine, two specialized publications, have recently joined the Group.

LVMH has recently launched Sephora.com and eLUXURY, the authoritative online source for luxury goods and services on the Internet.

LVMH Moet Hennessy Louis Vuitton ordinary shares, traded on the Paris Stock Exchange, may be accessed on the Reuter Equities 2000 Service under LVMH.PA, on Quotron under LVMHF.EU, and on Bloomberg under MC FP. Its ADRs, each equal to one-fifth of an ordinary share, trade on the NASDAQ National Market System in the US.

Additional information on LVMH can be accessed on the company's home page: http://www.lvmh.com.