NEW YORK, NY.- Phillips announced that overall sales in 2018 rose 29% to $916.5 million from $708.8 million in 2017, driven by a strong market for 20th century and contemporary art, increased sales in Hong Kong and strong performances by all of the company’s departments. This year marks the highest annual total achieved for Phillips in company history. Auction sales increased 27% to $794.3 million from $625.4 million a year earlier, and private sales ended the year at $122.2 million, up 46% from $83.5 million.
The company’s overall sales are up 129% since 2014, when Phillips posted sales of $400 million.
“It’s been an extraordinary year at Phillips,” said Edward Dolman, Chief Executive Officer. “Our strategy of focusing exclusively on the 20th and 21st centuries, our continued expansion in Asia, and our move to increase our Modern Art offerings have all played a role in our remarkable growth. We continue to attract the most experienced and dynamic talent in the auction world, and our digital offering remains the most innovative in the business. We are optimistic about 2019 as we prepare to move our New York headquarters to an extraordinary new space at 432 Park Avenue.”
Cheyenne Westphal, Chairman, added, “Our results reflect a strong market for 20th century and contemporary art as collectors continue to respond positively to our thoughtful and curated sales. We made great strides last year in winning important consignments from many of the leading collectors and institutions in the art world. We are also benefitting from the fact that today’s collectors want well-rounded collections and are increasingly buying across categories – people interested in contemporary art also tend to collect design pieces, photographs, prints, watches and jewelry. We are already seeing strong material coming in for the spring auction season and we remain confident that we’ll have another strong year in 2019.”
20th Century & Contemporary Art
The company’s 20th Century & Contemporary Art department posted an impressive 40% increase in auction sales to $592.9 million from $421.8 million a year earlier.
In the March Evening Sale in London, Phillips achieved its highest-ever sale total in the company’s 220-year history. The $135.1 million/£97.8 million-auction was led by Pablo Picasso’s La Dormeuse, 1932, a Modern masterwork that realized $57.8 million. An outstanding result was also achieved for Henri Matisse’s Nu allongé I, which sold for $20.5 million, a result of the increased commitment to the Modern category. In addition to exceptional prices for Modern works, strong results were achieved for post-war and contemporary art across the board. In May, Basquiat’s Flexible realized $45.3 million, making it the highest-value work ever offered by the artist’s estate. In 2018, Phillips set new auction records for Robert Motherwell, KAWS, Pat Steir, Tomoo Gokita, and Amy Sillman, among others.
Phillips formally integrated its Latin American sales into its 20th Century & Contemporary Art category in response to higher global demand. Recognizing the contributions made by Latin American artists, Phillips is committed to celebrating them alongside their global peers. Following this decision, Phillips was proud to set a new world auction record for Carmen Herrera’s Blanco y Verde at $2.65 million.
Among the company’s charitable initiatives, Phillips presented Art for One Drop in September, an auction that directly benefited the international nonprofit One Drop, created by Cirque du Soleil-founder Guy Laliberté. Art for One Drop brought together 51 works donated by world-renowned artists and broke the organization’s fundraising record by raising $8.8 million to benefit safe water initiatives in Latin America. Auction records were set for Nicolas Party, Anne Imhof, Nairy Baghramian, and Rita Ackerman.
The company also launched a new exhibition platform, PHILLIPS X, inaugurated in July with Carlos Cruz-Diez: Luminous Reality. Transforming the London galleries with an immersive public show, the exhibition included significant and previously unseen artworks by the Franco-Venezuelan artist.
Asia
Phillips continued to present the best of 20th century and contemporary art, design, jewelry and watches in Asia, resulting in record sales, innovative exhibitions and increased client engagement. In a record year, Phillips’ auctions in Asia realized HK$746 million. Other achievements included a new headquarters and gallery space in the prestigious St. George's Building in Central Hong Kong, the additions of Wenjia Zhang in Shanghai and Christine Fernando in Singapore, and the company’s first day sale in Hong Kong of 20th Century & Contemporary Art & Design in November.
The year’s star lot was Zao Wou-Ki's 04.01.79 from 1979, which was unveiled during Art Basel Hong Kong and sold for $8.9 million in May. In the same sale, Pioneers of Modernism: A Selection from the Scheeres Collection, was 100% sold. A new auction record was set for Taiwanese artist Richard Lin’s work on paper, Three Four Five, 1969, achieving US$655,350. And in November, new auction records were set for African American artist Stanley Whitney, South East Asian artists Sopheap Pich, Maria Taniguchi, Genevieve Chua, and Chinese artist Ma Sibo.
Phillips’ had strong attendance for its special exhibitions as part of its PHILLIPS X platform. These included Perpetual Colors in September and Banksy: Who’s Laughing Now? in November. In addition, the Asian team led successful arts partnerships across the region, most notably serving as the premiere sponsor of Harbour Arts Sculpture Park, the city's first exhibition of large-scale outdoor sculpture set against the dramatic Hong Kong skyline.
Digital Engagement
Digital engagement in Phillips’ sales rose to new heights in 2018. For example, up to 70% of lots in Phillips’ live auctions received online bids, and the value of winning bids by online bidders increased 56% in the last year. Online sale registrations rose 33% last year and now represent the dominant channel for new Phillips clients. Overall, nearly 60% of all lots listed in 2018 had online bidding activity.
What’s more, Phillips launched its first series of in-house online-only auctions. These sales, conducted across multiple sales categories and led by Katherine Lukacher, offer another option for new and existing clients to grow their collections through online experiences.
Watches
Phillips in Association with Bacs & Russo marked its third consecutive year of global market leadership. The year began with The Geneva Watch Auction: SEVEN and Daytona Ultimatum, a thematic sale with some of the most coveted Rolex Daytona models. Led by “The Unicorn,” which sold for CHF5.9 million, Daytona Ultimatum was a white glove – or 100% sold -- auction. “The Unicorn” was the highest-priced watch sold at auction in 2018.
In December, Phillips hosted STYLED. Timeless Watches & How to Wear Them in New York. The ground-breaking auction in partnership with Mr Porter and The Rake presented highlights from the sale with a selection of tailored looks, welcoming an entirely new audience as Phillips celebrated the convergence of collectors’ watches and men’s style.
Participation in the watch auctions remains truly global. In the autumn season in Hong Kong, Phillips saw bidding from 50 countries on 6 continents, with more than 500 online bidders. Phillips also hosted its inaugural private selling exhibitions in London, led by new International Specialist James Marks, along with private selling exhibitions in Hong Kong.
Editions
The Editions department celebrated its 10th anniversary by posting a 20% increase in sales to $25 million, its highest total ever. The year kicked off in London when January's auction achieved the highest total for a Phillips Editions sale, which was soon eclipsed in April. During the year, the department achieved an average sell-through rate of 92% by lot, set more than 96 world records, and sold 46% of all lots above its high estimate. The October sale in New York set records for iconic prints by Roy Lichtenstein, Pablo Picasso and Andy Warhol. Also, prints and multiples are among the most popular works bought through Phillips’ online platforms: In 2018, 43% of lots offered were sold to online buyers.
Photographs
The Photographs department offered many world-class private collections at auction in 2018. These included works from the Dr. Saul Unter Collection in April, in which Rudolf Koppitz's Bewegungsstudie (Movement Study), 1924, sold for $399,000 and Robert Capa's Death of a Loyalist Soldier, 1936, realized $162,500, setting new world records for both photographers. In October, the department presented A Constant Pursuit: Photographs from the Collection of Ed Cohen and Victoria Shaw, which featured 83 lots from the extraordinary collection, led by Richard Avedon's iconic Marilyn Monroe, New York City, May 6, 1957, which sold for $250,000.
Throughout 2018, Phillips offered POLAROIDS from the Piero Bisazza Collection in London. These works, a rare opportunity for collectors, were 100% sold over two seasons. In May, Phillips held its inaugural ULTIMATE Evening sale, which was 96% sold with a new world auction record for Helmut Newton at £729,000. These industry-leading results led to the highest-ever total for a Phillips Photographs sale in London.
Phillips also expanded the Photographs team in 2018 by welcoming Christopher Mahoney as a Senior International Specialist.
Design
Phillips’ Design sales in New York, London, and Hong Kong were primarily led by French and Italian design, with Jean Royère’s “Flaque” low table selling for $591,000 and Piero Fornasetti’s “Stanza Metafisica” realizing a record price of $507,000. With a new world auction record in April for a work by Ettore Sottsass, Phillips now holds the top four auction prices for the designer.
Private collections were led by “Design from the Collection of Sting & Trudie Styler” in June, and “Property from an Interior Designed by Muriel Brandolini” in December. Ceramics were a major theme in 2018, with the Design team collaborating with the 20th Century & Contemporary Art department to stage Shape & Space: New Ceramic Presence during Frieze Week in London. The Design department also expanded to Los Angeles, and looks forward to further developing its presence on the West Coast.
Jewels
The Jewelry team expanded significantly in 2018. Susan Abeles arrived in February as Head of Department, Americas, and the New York team added Eva Violante, Anne Mock and Alexi Riggins. In the spring, the team added Yoki Chan in Hong Kong as a jadeite specialist and, in October, Bart von Son was named co-International Business Director for Watches and Jewelry, based in London.
The results of Phillips’ sales in 2018 highlighted the international appreciation of exceptional colored gemstones, with fine no-oil Colombian emeralds leading the way. A Cartier 10.72 carat Colombian emerald and diamond ring sold in Hong Kong for $610,844 in November, and a stunning 2.80 carat Colombian emerald sold for more than $40,000 per carat in New York in December.
The Jewels department also launched Jewels Now, a series of private selling exhibitions dedicated to emerging jewelry designers. The first two sessions were dedicated to works from Lauren Adriana and Ana Khouri, and were met with an enthusiastic response from collectors around the globe.
