2025 was a year to remember at Phillips, as we grew steadily through a combination of ambition, focus, innovation and hard work. We set out to offer our clients something different and exciting – and I hope you will agree that we succeeded in that. 2026 promises to build upon that success, and as we begin a new year, I would like to thank you for your continued trust in Phillips.
Focus
In 2025, Phillips’ global sales increased by 10% to $925 million, alongside exceptional growth in Private Sales, which exceeded $200 million, up 66% year-over-year. Private Sales have become an increasingly important part of our business, offering clients discretion and flexibility. Alongside this, our Professional and Advisory Services continue to play a central role in guiding clients through every stage of the collecting journey.
Market confidence gained momentum throughout the year, and we responded with bold, carefully curated offerings on a global scale, achieving an 88% sell-through rate by lot. Phillips continues to be known for its consistently high sell-through rates, which reflect our expertise in pricing and promoting the lots in our sales. Our strong sell-through rates also provide our sellers with confidence that lots consigned to Phillips sell well sale after sale.
We are also seeing a growing number of younger collectors who have distinctive tastes and needs and for whom Phillips, as a modern auction house, is a natural fit.
Innovation
The past year has been defined by innovation with purpose. We pride ourselves on being the most forward-thinking auction house, and we continually seek new ways to improve the experience of buying and selling art.
Since the launch of Priority Bidding, a first-of-its-kind structure that offers lower Buyer’s Premium rates for early bids, the total number of early selling bids have nearly quadrupled. This new framework has reshaped collector engagement, benefiting consignors by driving early bidding commitment, stronger competition during the auction and depth of demand, while also offering lower buyers’ premium rates to buyers. Priority Bidding has been a game-changer for our clients and we are already exploring a variety of ground-breaking ideas for 2026.
Expertise
The year also marked significant milestones for the business. Phillips in Association with Bacs & Russo celebrated its tenth anniversary with the highest annual auction total in its history, surpassing an extraordinary $290 million and reaffirming its undisputed global leadership in Watches.
In Asia, now ten years on, Phillips has evolved from a single annual sale into a year-round programme of auctions and exhibitions
As we enter Phillips’ 230th year, we will continue to place clients at the centre of everything we do and create compelling new ways to collect and engage with art, design and luxury. We are committed to offering our clients something refreshing and distinct both in terms of the property we offer for sale and the experience of buying and selling. Our 2026 calendar begins with live and online auctions of Editions in London, and we are now actively accepting consignments for our forthcoming 2026 auctions and private sale programmes. Our specialists would be pleased to discuss opportunities.
On behalf of our entire global team, we look forward to welcoming you to Phillips in the year ahead.
Martin Wilson
Chief Executive Officer