Phillips’s 2023 Public sale Gross sales Down 15 % from 2022 – ARTnews.com

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Phillips made $840.7 million in public sale gross sales within the ultimate yr, the public sale space advised ARTnews—a determine that marks a fifteen % lower from the former yr’s general of simply over $1 billion.

The Russian-owned corporate is the smallest of the 3 primary properties, with headquarters in New York, London, and Hong Kong. In 2023, it spent its sources reconfiguring its key places, saying that it had added experts in Asia in December. In July, Phillips consolidated its operations in Los Angeles after getting rid of two regional positions at the West Coast.

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NEW YORK, NY, UNITED STATES - 2018/07/10: Phillips auction house branch in New York City. (Photo Michael Brochstein/SOPA Images/LightRocket via Getty Images)

In 2023, the highest 5 works offered via Phillips, via artists comparable to Gerhard Richter and Fernand Léger, introduced in a cumulative $87.6 million. That’s a 50 % drop from the $173 million generated from the home’s best 5 works in 2022, when two items via Jean-Michel Basquiat and Yves Klein on my own introduced in $126 million.

A Phillips consultant declined to supply further remark referring to its 2023 effects. The home additionally didn’t supply figures for its personal gross sales totals.

In earlier years, Phillips has introduced figures for its personal gross sales. In 2022, the home’s personal gross sales general surpassed the only for 2022, with an estimated $250 million introduced in as the home became its center of attention on promoting exhibitions of recent artwork. That was once 20 % greater than the $208.2 million the boutique space introduced in via personal gross sales in 2021.

Considered one of Phillips’s primary competition, Christie’s, additionally each noticed decrease gross sales totals in 2023 than it did in 2022. Christie’s reported a 30 % decline in gross sales from auctions in mid-December, going from $7.2 billion in 2022 to only over $5 billion in 2023. Sotheby’s, any other Phillips competitor, has now not but introduced its gross sales figures for 2023.

Consistent with a up to date file via ArtTactic, a knowledge corporate based totally in London, public sale gross sales in 2023 have been down $2.3 billion from 2022’s figures.



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