Phillips Achieves $542.7 Million in Sales During the Spring 2021 Season, a 25% Increase from 2019

  • NEW YORK CITY, New York
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  • August 02, 2021

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Phillips New York New Gallery Space at 432 Park Avenue
Image Courtesy of Phillips

Private Sales Grow 107%

107% Increase in Auction Totals for Sales in Asia

100% of Watches Sold Across All Locations

New Corporate Headquarters at 432 Park Avenue Opens to Wide Acclaim

NEW YORK / LONDON / HONG KONG – 2 AUGUST 2021 –

Phillips is pleased to announce results from the Spring 2021 Sale Season (January through July).

AUCTION SALES TOTAL - $452,006,870, Up 15% from Spring 2019

PRIVATE SALES TOTAL - $90,673,838, Up 107% from Spring 2019

GRAND TOTAL IN SALES FOR SPRING 2021 -  $542,680,708, Up 25% from Spring 2019

Yoshitomo Nara, Missing in Action
Image Courtesy of Phillips

Edward Dolman, Phillips’ Chief Executive Officer, and Cheyenne Westphal, Phillips’ Global Chairwoman, said, “The Spring 2021 sales were truly extraordinary, surpassing pre-pandemic levels with strong international participation across all of Phillips’ platforms. Our several “White Glove” sales across New York, Geneva and Hong Kong demonstrate a great sense of optimism and confidence in the market and have led to Phillips maintaining the highest sell-through rates in the industry. There is a palpable energy around the new generation of artists, and this season yielded soaring artist records for emerging artists who are making an important impact in our time.”

 

 

HIGHLIGHTS FROM THE AUCTION ROOM

  • Auction Sales were up 15% from H1 2019
  • TCA New York Evening and Day Sales were among the most successful in company history – the Evening Sale totaling $118.2 million with 100% Sold. New records set for Cinga Samson, Avery Singer, Vija Celmins, Titus Kaphar, and Julie Curtiss. The Day Sale realized $35.5 million, setting records for an astonishing 21 artists. The combined total for the week was $153.8 million.
  • Phillips achieved the highest sale total in company history for auctions of New Now, Design, Editions, and Watches.
  • Phillips sold 100% of all watches offered across Hong Kong, Geneva, and online sales, realizing over $68 million total. An unprecedented result was achieved at the Geneva Watch Auction: XIII -- the sale totaled $42.3 million, among the highest watch auction totals in history. The Hong Kong Watch Auction: XII marked the first various owner, non-thematic ‘white glove’ watch sale in Asia in history.
  • The spectacular Patek Philippe, reference 2523 with “Eurasia” dial from 1953, one of only three examples known to date with a cloisonné enamel dial, sold for $7.8 million, the highest price ever for a Patek Philippe wristwatch with enamel cloisonné dial and for any yellow gold wristwatch ever sold at auction.

 

Patek Philippe, Ref. 2523
Image Courtesy of Phillips

PHILLIPS MAKES THE MARKET

  • New auction records were set for a great many artists across all categories including those for Kehinde Wiley, Katherine Bernhardt, Avery Singer, Jennifer Guidi, Flora Yukhnovich, Hernan Bas, Katherine Bradford, Kathy Butterly, Tunji Adeniyi-Jones, Rose Wylie, Eddy Kamuanga Ilunga, Niniko Morbedadze, Carlo Scarpa, Jean Dunand, Katsu Hamanaka, Ron Arad, Salman Toor, Emily Mae Smith, Jadé Fadojutimi, Sanya Kantarovsky, Madelynn Green, Hopare and Ye Linghan.
  • Several artists were introduced to the secondary market, including Rebecca Ness, Felipe Baeza, and Soimadou Ali Ibrahim, Allison Zuckerman, Nikki Maloof, Brandon Landers, and Lina Iris Viktor
  • The New Now sales in both London and New York achieved record totals, underscoring Phillips’ strong hold on the market for emerging artists.
  • Phillips' Photographs sales across London and New York saw strong international demand, setting new records for Alec Soth, Todd Webb, Myoung Ho Lee, Steve McQueen, Saul Leiter, Dinh Q. Lê, and Tokihiro Sato.
  • In April, Phillips sold its first NFT with Mad Dog Jones’ Replicator, setting a record for a living Canadian artist. Bitchcoin, Sarah Meyohas’ Cloud of Petals Project, Jennifer & Kevin McCoy’s Quantum Leap and Lady Gaga’s first NFT which figured prominently in the TCA NY Day Sale. In July, Phillips sold a series of NFTs created by contemporary artist ThankYouX in collaboration with award-winning film score composer Hans Zimmer, and $ht Coin by White Male Artist, aka the artist Cassils.

 

GRAND OPENING OF NEW HEADQUARTERS

Phillips was thrilled to unveil its sensational new headquarters in New York at 432 Park Avenue to great acclaim, with the June exhibition of 20th Century and Contemporary Art. Designed by Markus Dochantschi of StudioMDA, the innovative vision unites the interior, exterior, and piazza, creating a sense of community by engaging the millions of international passers-by from the sidewalk.  The space redefines the centuries-old auction experience as 432 Park Avenue is the only auction room in Manhattan visible from the street and the company looks forward to welcoming bidders into the new saleroom as regulations allow. Please click here for a video lookback at the season.

 

STRENGTH IN PRIVATE SALES

  • Private Sales were up 107% from H1 2019 continuing to drive sales globally throughout the year. Phillips produced several exciting selling exhibitions globally including Hebru Brantley, Flawless: Women to Women, Ground / Breaking, Phillips X Andreas Emenius and Milton Avery: A Sense of Place, in association with the Milton Avery Trust & Waqas Wajahat.
  • Perpetual had an increase in sales of 81% from Q1 to Q2 of 2021 alone. Total Perpetual sales for this year have already reached $8 million.

 

RISE IN ASIA

  • In H1 2021, Asia-based buyers account for 34% of Phillips’ global sales.
  • Phillips’ Asia-based clients are active on a masterpiece level, among the top ten lots auctioned by Phillips worldwide in 2021, 40% of lots were bought by buyers from Asia.
  • Phillips’ Hong Kong Spring auctions achieved HK$946 million/ US$122 million with four white glove sales, achieving an industry leading combined sell-through rate of 94%, a 121% increase over the previous year (107% increase since Spring 2019) and the highest season total for Phillips in Asia. 
  • Yoshitomo Nara’s Missing in Action sold for over US$15 million in Hong Kong, setting the second highest price for the artist at auction and the highest auction price for the artist in 1H 2021.

 

DIGITAL ENGAGEMENT

  • 122% increase in visitors to the website
  • 126% increase in new clients to the website
  • 84% increase in the number of lots sold online
  • 184% increase in the value of works sold online

All compared to H1 2019  

 

CORPORATE UPDATES

  • In April, Phillips launched Phillips Art Advisory, offering a comprehensive suite of services that supports clients through every stage of their collection’s life cycle—from the initial acquisition of an artwork to long-term collection development and management.
  • After seven years in his role as Chief Executive Officer, Edward Dolman will be appointed Executive Chairman of Phillips’ Group of Companies. Phillips is proud to welcome Stephen Brooks as the company’s new CEO, beginning in September.

Phillips’ Top Lots of Spring 2021

Yoshitomo Nara

Missing in Action

2000

8 June, Hong Kong

SOLD FOR:

HK$123,725,000

US$15,948,153

£13,090,105

€11,271,348

Estimate on Request

 

Gerhard Richter

Abstraktes Bild (940-7)

2015

8 June, Hong Kong

SOLD FOR:

HK$95,100,000

US$12,258,390

£10,061,580

€8,663,610

Estimate: HK$75,000,000 - 95,000,000

 

David Hockney

A Neat Lawn

1967

23 June, New York

SOLD FOR:

$11,000,000

£7,875,890

€9,219,100

Estimate: $9,500,000 - 10,500,000

 

Wayne Thiebaud

Winding River

2002

23 June, New York

SOLD FOR:

$9,809,000

£7,023,146

€8,220,923

Estimate : 6,000,000 - 8,000,000

 

Patek Philippe

Ref. 2523

A previously unknown, first of its kind, extremely important, rare and attractive yellow gold worldtime wristwatch with two crowns and "Eurasia" cloisonné enamel dial

1953

8-9 May, Geneva

SOLD FOR:

CHF7,048,000

$7,701,678

€6,427,776

Estimate: In Excess of 3.5 million

 

Vija Celmins

Untitled (Ocean)

1987-1988

23 June, New York

SOLD FOR:

$7,748,000

£5,547,491

€6,493,599

Estimate: $5,500,000 - 6,500,000

 

Takashi Murakami

Red Demon and Blue Demon with 48 Arhats

2013

23 June, New York

SOLD FOR:

$6,080,000

£4,353,219

€5,095,648

Estimate: $3,500,000 - 4,500,000

 

Jean Dubuffet

La féconde journée

1976

15 April, London

SOLD FOR:

$6,039,265

£4,378,500

€5,041,405

Estimate: £1,500,000 - 2,000,000

 

David Hammons

It’s Not Necessary

1990

23 June, New York

SOLD FOR:

$5,475,000

£3,920,045

€4,588,598

Estimate: $800,000 - 1,200,000

Brice Marden

Elements III

1983-1984

23 June, New York

SOLD FOR:

$5,233,000

£3,746,776

€4,385,777

Estimate: $3,200,000 - 3,800,000

 

 

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ABOUT PHILLIPS

Phillips is a leading global platform for buying and selling 20th and 21st century art and design. With dedicated expertise in the areas of 20th Century and Contemporary Art, Design, Photographs, Editions, Watches, and Jewelry, Phillips offers professional services and advice on all aspects of collecting. Auctions and exhibitions are held at salerooms in New York, London, Geneva, and Hong Kong, while clients are further served through representative offices based throughout Europe, the United States and Asia. Phillips also offers an online auction platform accessible anywhere in the world.  In addition to providing selling and buying opportunities through auction, Phillips brokers private sales and offers assistance with appraisals, valuations, and other financial services.

Visit www.phillips.com for further information.

 

*Estimates do not include buyer’s premium; prices achieved include the hammer price plus buyer’s premium.

 

PRESS CONTACTS:            

NEW YORK – Magda Grigorian, Chief Communications Officer      mgrigorian@phillips.com           +1 212 940 1384         

NEW YORK – Jaime Israni, Public Relations Director, Americas     jisrani@phillips.com                  +1 212 940 1398

LONDON - Katie Carder, Head of Press, Europe                             kcarder@phillips.com                +44 20 7901 7938

HONG KONG – Ingrid Hsu, Public Relations Director, Asia             Ingridhsu@phillips.com             +852 2318 2043

 

 

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PHILLIPS LONDON - 30 Berkeley Square, London, W1J 6EX

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