Phillips announces record $746 million in auctions and private sales for the first half of 2022, another sign of art market peak
How far can auctions go? For the second time this week, an auction house is reporting record results as the global art and collectibles market continues to rise.
Following strong results reported by Christie’s earlier this week, auction house Phillips said its global sales for the first half of 2022 reached $746 million, a substantial increase of 37% over the first half of 2021. (which was $542.7 million).
Auction sales increased to $590 million, a 30% increase over the $452 million reported for the same period last year. And private sales also increased, to $156 million, an increase of 72%. The surge in private sales is all the more impressive as major auction houses have largely returned to the usual annual sale schedule, albeit with more flexible dates, as most have adopted hybrid in-person sale formats. and online.
Phillips CEO Stephen Brooks called it “a season of extraordinary growth…from hosting our most successful auction in company history to announcing our expansion into Hong Kong and Los Angeles”.
Jean-Michel Basquiat, Untitled (detail, 1982), sold for $85,000,000 at Phillips’ 20th Century & Contemporary Art Evening Sale, May 18, 2022. Image courtesy of Phillips.
The results included what Phillips considers the most valuable lot in its history: the monumental untitled painting by Jean-Michel Basquiat from the collection of Japanese billionaire Yusaka Maezawa, which sold for $85 million in May. Notably Maezawa bought it for $57.3 million at Christie’s in 2016, when it was sold by New York collector-dealer Adam Lindemann.
Elsewhere, Phillips noted the strength of watch sales, including “an unprecedented 18-month streak of sales of every watch to appear at auction.” Watch auctions accounted for $127.2 million of the first-half total.
The auction house reports that 44% of buyers at online and live auctions were first-time buyers. And Phillips also highlighted the importance of Asia in its continued growth, noting that 35% of Asia-based buyers were millennial collectors.
Along with the strong results, Phillips announced the opening of its first outpost in Los Angeles. A new gallery will open this fall on Nemo Street in West Hollywood, a move that reaffirms the importance of the West Coast in the global marketplace, according to a statement. The Los Angeles site will host exhibitions of traveling auction highlights from New York, London, Hong Kong and Geneva, as well as private sales exhibitions, panel discussions and events.
Over the past six years, Phillips has invested heavily in the field, including its team of specialists which now includes Blake Koh as Regional Director, Rebekah Bowling as Senior Specialist and Head of 21st Century Art, and Meaghan Roddy, who is responsible for design. for the west coast.
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