Asian bidders took home 40% of Phillips global sales.
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Phillips announced this morning a new strategic partnership with Yongle Auction in Beijing to hold linked sales this Fall in Hong Kong and Beijing. The collaboration involves the 20th Century & Contemporary Art & Design Day and Evening Sales in Hong Kong to be held by Phillips from November 30 to December 1st giving Yongle’s sales team direct access to the sale. In December, Yongle will hold its Global Vision – Modern & Contemporary Art Evening Sale in Beijing where Phillips team will have similar access to the mainland sale.
Phillips previously had a similar—and very successful—partnership with Poly Auction that helped build the sales volume of their Hong Kong events. Yongle, a newer and smaller auction house than Poly, is stepping into that role.
“Since Yongle’s inaugural sale in Summer 2020,” says Zhao Xu, the founder of Yongle Culture Group, “we have seen strong results across all categories, with auction sales to date realising a combined total of RMB 7.7 billion/ US 1 billion. We have seen record-breaking sales of Western art in mainland China in recent years, and in 2021, Balthus's The Cat in the Mirror III sold for RMB 167 million/ US$26.19 million at our Fall auction in Beijing, setting a new auction record for the artist as well as a new Western art auction record in mainland China.”
The partnership comes as Phillips is preparing to move into its new headquarters in the West Kowloon Culture District.
“Asia’s role in the global art market cannot be overstated,” said Jonathan Crockett, Chairman, Asia, Phillips. “In H1 2022, 40% of our global sales total was accounted for by bidders in Asia.”
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