The street was built on fields surrounding Clarendon House on Piccadilly, which were developed by Sir Thomas Bond. It was built up in the 1720s, and by the end of the 18th century was a popular place for the upper-class residents of Mayfair to socialise. Prestigious or expensive shops were established along the street, but it declined as a centre of social activity in the 19th century, although it held its reputation as a fashionable place for retail, and is home to the auction houses Sotheby's and Bonhams (formerly Phillips) and the department store Fenwick and jeweller Tiffany's. It is one of the most expensive and sought after strips of real estate in Europe.