Editorial A Journey Through History, The Legacy of Phillips Auction House

When one speaks of auctions, the name Phillips naturally springs to mind, particularly when discussing the rarest and most exquisite treasures. As we embark on a journey through its history, we uncover the remarkable story of how Phillips ascended to become the premier destination for sellers worldwide. For enthusiasts of horology, Phillips is an indispensable source of wonder, where each timepiece not only tells the time but also narrates a captivating story. Join us as we explore the legacy and allure of Phillips auction house.

Founded by Harry Phillips in 1796 in Westminster, London, the auction house gained international acclaim by auctioning paintings from the estate of Queen Marie Antoinette and household items belonging to Napoleon Bonaparte. Notably, it remains the sole auction house to have ever conducted a sale within Buckingham Palace. Harry Phillips blended business acumen with showmanship, hosting elaborate evening receptions before auctions  a practice now standard in the industry.

Upon Harry's passing in 1840, his son William Augustus continued the family business, bringing in various partners. The firm underwent name changes. Throughout the 1800s and early 1900s, ownership of the company remained within the Phillips family. The firm auctioned a diverse array of commodities, earning a reputation for its strong regional salerooms across the British Isles. Control shifted out of the family's hands in the 1930s when Edwin and Robert Hawkins assumed leadership. A significant event in the company's history occurred in 1939 when a devastating fire destroyed its headquarters, prompting relocation across the street.

By the 1970s, Phillips had expanded its offerings to include fine art, furniture, and estate collections. In 1999, Bernard Arnault of LVMH Moët Hennessy Louis Vuitton acquired the company, subsequently merging it with esteemed private art dealers Simon de Pury and Daniela Luxembourg. 

In 2008, Mercury, owners of the luxury retail group, acquired a majority stake in Phillips. The acquisition was completed by the end of 2012, leading to a relocation of the headquarters from Chelsea to uptown New York. Phillips inaugurated its new London headquarters at 30 Berkeley Square in Mayfair in October 2014.

Edward Dolman joined as Chief Executive Officer in July 2014, bringing extensive experience from his tenure at Christie’s. Under Mr. Dolman's leadership, Phillips partnered with Bacs & Russo, becoming the global market leader for collectors' watches at auction. Expansion into Asia commenced with the inaugural auctions held in Hong Kong in 2015, showcasing all categories including art, design, jewels, and watches. and in 2019, the auction house opened Phillips PERPETUAL, a private treaty program with physical and digital storefronts that offers a highly curated selection of watches sold at fixed prices. In its first year PERPETUAL has achieved more than £5M in sales. 

In 2021, Phillips relocated its New York headquarters to state-of-the-art galleries at 432 Park Avenue. Two years later, the company opened its first purpose-built auction space in Hong Kong, establishing its new Asia headquarters in West Kowloon. Additionally, Phillips launched Dropshop in 2023, an innovative digital platform offering limited-edition releases of primary market art and objects in collaboration with leading artists, collaborators, and brands shaping contemporary culture.

In 2021, 2022, and 2023, Phillips achieved its highest annual sales totals in its 228-year history, all exceeding the billion-dollar mark. Today, Phillips is revolutionizing the collecting experience by harnessing the vibrancy inherent in culture. As a leading destination for the inquisitive and forward-thinking, Phillips offers an array of categories including 20th Century & Contemporary Art, Design, Editions, Photographs, Jewels, and Watches. As we enter the first months of 2024, the maison has already unveiled some of the rarest timepieces, leaving us eagerly anticipating what the future holds in store.

How Phillips Works

Phillips operates as a brokerage firm, facilitating transactions between sellers and buyers. This can be done through public auctions or private sales, with auctions being the most widely recognized and engaging method. Auctions draw in numerous buyers simultaneously, maximizing the potential for successful sales.

Selling at Phillips
To sell through Phillips, one can request a complimentary evaluation for eligible items via their online consignment form. Following this, a representative will guide sellers through the process, determining the best approach for selling, whether through online or live auctions, or privately in gallery spaces across various locations.

Buying at Phillips
Phillips offers multiple avenues for purchasing art, watches, or design pieces. Clients can bid online through Phillips' digital salesroom or app, participate in live auctions in person, or opt for absentee or telephone bidding. These methods ensure accessibility to buyers regardless of their location or preferred mode of participation. However, it's essential to consider additional costs such as buyer's premium and sales tax when budgeting for purchases made through auction.

For more information, please visit the official Phillips website.