Phillips closed its spring season with $507 million in auction sales, marking a 60% year-over-year rise and one of its strongest results in recent years. The performance was fueled by a standout watch category and sustained interest in top-tier consignments.
The house reported a 90% sell-through rate by lot for the season, while evening sales reached 94% by lot and 99% by value. Average lot value also climbed 55%, underscoring stronger competition for higher-end works and collectibles.
Watches generated $235.5 million, nearly half of the total, and became the clear engine of growth. Phillips said its Geneva watch sale set a company record, while auctions in New York and Hong Kong also delivered regional highs.
Among the season's highlights were Andy Warhol's Sixteen Jackies, which sold for $16.2 million, and a rare Patek Philippe Ref. 2499, which brought HK$80.4 million in Hong Kong. F.P. Journe's Chronomètre à Résonance "Souscription No. 007" also drew strong attention at $13.9 million in New York.
Phillips noted that new audiences are becoming more active, with first-time buyers making up 40% of purchasers and Millennials and Gen Z accounting for one-third of bidders and buyers. Online sales remained a major channel, representing nearly 70% of works sold.
With stronger collector participation and rising demand for rare objects, Phillips' results suggest a market increasingly shaped by precision, scarcity, and global reach. That shift may define the next phase of premium auctions.
