Phillips celebrated its 230th anniversary with a solid spring season of $507 million, up 60 percent from last year, according to figures released this week. Even more important than the total title is the 90 percent sales price, which ensures the impact of the house's significant bidding on the auction and the live auction penalties, which reward early bids with a lower buyer's premium. “What has been particularly encouraging this season is not just the strength of the results, but what they are telling us about the market,” Phillips CEO Martin Wilson told the Observer before confirming that priority bidding had been a very successful tool. Advance bids ran at three times last year's rate and most sales saw 40 percent or more of the lot sold before the auctioneer took to the rostrum. “Collectors have embraced it because it provides a real financial benefit, while consignors see a profit in unusual sales prices.”
Innovation simply rewards commitment, Wilson said. “Traditionally, there wasn't much enthusiasm for bidders to reveal their intentions before the auction started. We wanted to change that.” By rewarding customers who are willing to bid early—often at a lower or higher rate—Phillips encourages buyers to engage well before the sale. “That creates real momentum going into the auction and, because those buyers are already invested in the outcome, often leads to competitive bidding when the lot goes under the hammer. Buyers benefit because they can save money if they're successful, while sellers benefit from stronger competition and greater confidence.”
Phillips' recent results were also boosted by its strong position in Asia. The first to open a permanent headquarters in Hong Kong in 2023, with a purpose-built showroom and sales room, the spring house auction in the capital of Asia-Pacific achieved an annual increase of 50 percent, with 83 percent of the lots sold above the previously created estimates. Thirty-four percent of buyers at the Hong Kong spring sale were new to Phillips, the average number of bidders per property increased 23 percent year-on-year, and buying activity increased across Hong Kong, Mainland China, Taiwan, Japan, Singapore, Vietnam and the Philippines.
Bidding and shipping continue to show how global the art market remains, Wilson says, noting that collectors are also becoming less constrained by geography: “They are increasingly willing to follow the best wherever they go to market, and technology has made that easier than ever. Throughout the spring season, we have seen full participation from collectors in the Americas, Asia and Europe, which also reflects the strong demand from the growing population in the Americas, Asia and and in Europe, which also shows the importance of international demand.”
But the reported numbers suggest that Phillips' ability to expand its consumer base depends largely on its ability to scale within today's luxury market. The watches are at the forefront of their collectible offerings, often serving as an entry point for new money approaching auctions for the first time. “Modern and contemporary art has always been the basis of our business and will always be. It is part of our DNA. But we are equally excited by the momentum we are seeing in all our luxury categories, especially watches, as we continue to reach new heights internationally,” said Wilson. Phillips in Association with Bacs & Russo has just concluded the most successful watch season in the company's history, with all three live sales setting new world standards. Geneva hosted the most successful watch auction ever held anywhere in the world; New York has achieved the highest number of watch auctions in America; and Hong Kong, Patek Philippe Ref. 2499 “The Pink First Series” (1951) sold in May for HK$80,370,000 ($10,255,212), becoming the highest-priced watch ever sold at auction in Asia.
Jewelry also makes a lot. Anchored by Collections & Provenance—a dedicated chapter with a special emphasis on period jewelry and signature pieces with unique provenance, including gems and artifacts from the Vanderbilt family and prestigious European families—the Geneva Jewels sale in May tripled its low estimate, led by Van Cleef & Arpels coral, chrysoprase, chrysoprase, diamond neck2 (20) diamond combination and 20 CHF619,200 ($796,809) against its estimate of CHF260,000-480,000. In Hong Kong and New York, signed pieces achieved a 100 percent estimate, and 74 percent of lots sold above the high estimate.
Gen Z and Millennial participation was also strong in the fast-growing design segment, which in its June session in New York achieved an average of 90 percent of sales by lot and 93 percent by value. Sales saw a year-over-year increase among Gen Z and Millennial buyers of 24 percent, and half of all shares during the season sold above their peak estimates.
Phillips also remains a leader in photography, with a stunning season led by the iconic Tina Modotti Bandolier, Corn, Sickle (1927), which fetched $645,000, more than six times its low estimate. The editions have also been a strong market: the department hosted two white glove sales this season, including the January Evening & Day Sale in London, which almost doubled its average and achieved the highest number of sales of multi-owner programs worldwide. The sale was led by Andy Warhol's Queen Elizabeth II of the United Kingdomfrom Reigning Queens (F. & S. 336), 1985, which sold for £232,200 ($295,382) against its estimate of £100,000-150,000.
In Modern and Contemporary, on the other hand, after the cooling of the speculation surrounding the ultracontemporary-a market that Phillips had greatly led and helped to ignite-the auction house may no longer set stellar records, but it continues to deliver strong results, often with a high number of sales. In May, Phillips' Modern & Contemporary Art Evening Sale in New York reached $115,216,700 from 41 lots, a white-glove result that doubled last year's total, led by Andy Warhol's. Sixteen Jackies (1964), which sold for an estimated $16,225,000. The latest Modern & Contemporary Art Evening & Afternoon Sale, held in London on June 26, brought £11,964,743 from 90 lots, with 91 per cent sold at cost and 84 per cent sale price after four lots were withdrawn.
Phillips has had a few key collections this season. One of the most important assets of the auction was The Collection of Ambassador John L. Loeb Jr.—widely considered to be Denmark's most important art collection in private hands—which sold almost white gloves, generating $18 million in five auctions in New York and London, surpassing its total pre-sale estimate and ending with more than 40 percent of its sales online, more than 90 percent. ratings and 16 jobs received by leading government agencies. A Life in Color: Goods from the Estate of Tina Hills also achieved an impressive 99 percent sales average across Editions, Jewels, Design and Modern & Contemporary Art. The auction house also sold nearly $2 million in art from the collection of disgraced art consultant Lisa Schiff, who in March 2025 was sentenced to two and a half years in prison for defrauding clients of her art consulting firm out of millions. Proceeds from the sale will help satisfy a $6.4 million forfeiture and $9 million in restitution he owes his victims according to a court order. Among the 220 pieces Phillips sold as of November 2024, the most expensive was a 2021 Joel Mesler painting. Untitled (Banana)auctioned for $69,850 in the New Now sale in February 2025.
In visual trends, Wilson confirmed a recurring theme in the analysis of the recent auction market: multi-level collecting, as collectors pursue symbolic and cultural connections to all kinds of objects that can enhance their personal conversation. “One of the most interesting changes we're seeing is that people are increasingly not thinking of themselves as art collectors, watch collectors, jewelry collectors or design collectors. They're thinking of themselves as collectors,” Wilson said. “They are guided by quality, design and personal taste rather than traditional class boundaries, and are increasingly comfortable moving between art, watches, jewelry, design and programming.”
That change is evident, and related, to the younger audience that attracts the most to the auction house. This season, 40 percent of shoppers were new to Phillips, while Millennials and Gen Z accounted for nearly one-third of all shoppers and buyers. In private sales, one-third of buyers this season were new to Phillips. For Wilson, the fact that younger customers identify with Phillips and its brand is not surprising. “Our focus is similar to that of the collectors who buy and sell with us. We've built a business around a carefully curated group of collectible categories and we always encourage collectors to explore all of them,” he explained. “Whether someone first discovers Phillips through a watch, a contemporary work of art or an object of design, our desire is the same: to create a collecting experience that is engaging, accessible and driven by expertise.”
Wilson acknowledges that consumer behavior is constantly evolving and that today's collectors have an extraordinary amount of information at their fingertips and are making the most of it. “They've done their homework, using everything from specialized research and social media to online communities and AI. They're confident enough to create their own ideas, they're willing to challenge conventional wisdom and they're a little less traditional collection categories.” Worse, they are increasingly buying jobs that reflect their interests, tastes and values, rather than simply following established trends—a shift that Wilson sees as the most healthy for the market.
Gathering more information
