Phillips reports $507m in H1 2026 sales, driven by luxury watches

In the first half of 2026, Phillips announced total auction sales of $507 million, marking a 60% rise compared to spring 2025. The auction house achieved a 90% sell-through rate by lot, with 40% of participants being first-time buyers and nearly one-third comprised of Millennial and Gen Z collectors. Online sales accounted for about 70% of lots sold. Significant contributions to art sales came from the John L. Loeb collection of Danish art, which garnered $18 million across five auctions, and the Tina Hills estate, highlighted by Joan Mitchell's Plain (1989) at $6.8 million. The highest sale was Andy Warhol's Sixteen Jackies (1964) for $16.2 million, followed by an F.P. Journe watch at $13.9 million. Remarkably, three of the top five lots were watches, indicating a notable increase in watch sales, which totaled $235 million, up from $115 million in 2025, outpacing Modern and contemporary art sales at $224 million. CEO Martin Wilson credited this growth to strategic initiatives and a decade-long commitment to cultivating an online collector community. The Dropshop platform attracted nearly 60% of buyers from Millennial and Gen Z demographics, with 70% being new to Phillips. Innovations like priority bidding led to a 300% increase in pre-sale bids, with 40-50% of lots sold prior to the auction. Additionally, the company's financial losses improved from £45 million in 2023 to £8.7 million in 2024.