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Phillips’s CEO Martin Wilson On What the House’s $507 Million Spring Reveals About the Market

With the house's 90 percent sell-through rate, record watch sales and growing base of Millennial and Gen Z buyers, he sees a market that is more global, more fluid and more cross-category than ever before.

Phillips celebrated its 230th anniversary with a solid $507 million spring season, up 60 percent from the previous year, according to numbers released this week. Even more telling than the headline total is the 90 percent sell-through rate, which confirms the impact of the auction house’s priority bidding and live-auction fee structures, which reward early written bids with a lower buyer’s premium. “What has been particularly encouraging this season is not just the strength of the results, but what they tell us about the market,” Phillips CEO Martin Wilson told Observer before confirming that priority bidding has been a highly successful tool. Presale bids have run at three times last year’s level and many sales have seen 40 percent or more of lots sold before the auctioneer takes to the rostrum. “Collectors have embraced it because it offers a genuine financial advantage, while consignors are seeing the benefit in the exceptional sell-through rates.”

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The innovation simply rewards commitment, Wilson says. “Traditionally, there has been little incentive for bidders to declare their intentions before the auction begins. We wanted to change that.” By rewarding clients prepared to bid early—often at or above the low estimate—Phillips encourages buyers to engage well before the sale. “That creates real momentum going into the auction and, because those bidders are already invested in the outcome, usually leads to more competitive bidding once the lot comes under the hammer. Buyers benefit because they can save money if they are successful, while sellers benefit from stronger competition and greater certainty.”

Phillips’ recent results were also buoyed by its strong positioning in Asia. First to open a permanent Hong Kong headquarters in 2023, with a purpose-built exhibition space and saleroom, the house’s spring auctions in the Asia-Pacific capital achieved a 50 percent year-on-year increase, with 83 percent of lots selling above presale estimates. Thirty-four percent of buyers in the Hong Kong spring sales were new to Phillips, the average number of bidders per lot rose 23 percent year-on-year, and buying activity........

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