Phillips Achieves $746 Million in Spring 2022, A Record-Breaking Season Amid Global Expansion

  • NEW YORK, New York
  • /
  • July 14, 2022

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Jean-Michel Basquiat | Untitled | SOLD FOR $85,000,000
Courtesy of Phillips

Phillips Achieves $746 Million in Spring 2022, A Record-Breaking Season Amid Global Expansion

Global Sales: $746 Million

·         Up 37% compared to H1 2021

 

Auction Sales: $590 Million

·         Up 30% compared to H1 2021

·         44% of buyers across online-only and live auctions were first-time buyers at Phillips

·         Jean-Michel Basquiat’s Untitled from the collection of Yusaku Maezawa became the most valuable lot ever sold by Phillips, selling to an Asian client for $85 million in the New York Evening Sale of 20th Century & Contemporary Art, which marked the highest sale total in company history

·         Women artists played a major role in Phillips' international auctions this season, with new records being set for Yayoi Kusama, Lucy Bull, Antonia Showering, and Robin F. Williams, among others

·         Phillips’ Watch department continued its 18-month streak of selling 100% of lots offered at auction across Geneva, Hong Kong, and New York. Watch auction sales total $127.2 million for the Spring season, reaffirming Phillips’ place as the global market leader.

 

Private Sales: $156 Million

·         Up 72% compared to H1 2021

·         Phillips produced several selling exhibitions globally, including 1970S / GRAFFITI / TODAY, Birds of a Feather: Phillips x ARTEMARTIS, At the Crossroads: A Collection of Works by Lee Jaffe, and HIRÆTH

 

Continued Success in Asia

  • 41% of auction hammer was sold to clients based in Asia
  • 35% of the buyers based in Asia were millennial collectors

 

DEIA Initiatives and Partnerships

  • Phillips has invested significantly in its DEIA mission, becoming a key focus for the company internationally
  • One of the core initiatives of the DEIA strategy implemented so far in 2022 has been partnerships, such as the collaborations and sponsorships with ArtStart, Howard University, and Bold Tendencies

 

 

Stephen Brooks, Chief Executive Officer, said, “This has been a season of extraordinary growth at Phillips. From hosting our most successful auction in company history to the announcements of our expansion in Hong Kong and Los Angeles, the momentum from our record-breaking 2021 has held fast this spring. An enthusiastic market led to the highest value lot in Phillips’ history – a monumental Basquiat from the collection of Yusaku Maezawa – drawing attention from around the globe, as our Watch team continued their unprecedented 18-month streak of selling every watch to appear at auction. We look forward to a summer full of exciting programming before welcoming our community back into the auction room this fall.”


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