The 203-year old art auctioneer is the world's third-largest auction house, with 21 sales rooms around the world, including New York, Zurich, Sydney and London.
Recent sales include the love letters of the Earl of Essex to Britain's Queen Elizabeth, and Claude Monet's painting of San Maggiore in Venice.
Some reports suggested that LVMH paid $129m for the company, but LVMH has declined to comment on the price it paid.
Phillips had auction sales worth £140m last year.
Phillips is the second UK auction house to be bought by a French company in recent years.
Web auction
Last year, French tycoon Francois Pinault, head of retailer Pinault-Printemps-Redoute bought Christie's auction house for an estimated £721m.
Sotheby's is also now under US control, with an investment group led by Ronald Baron owning 41% of the company. Chairman Alfred Taubman owns 26% of the company.
"In Phillips, we have a recognised brand with a strong growth heritage and significant potential for future growth, particularly in the context of the growing internet auction market," Daniel Piette, president of LV Capital said.
Many of the big auction houses now conduct some of their business on the web.
Christie's plans to offer online bidding for all its auctioned items from next year while Sotheby's has a partnership with Amazon.com.
The BBC is not responsible for the content of external internet sites.
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