Phillips Spring 2026 Auction Sales Hit $507 Million, Watches Lead

Phillips announced $507 million in auction sales for spring 2026, a 60% increase year-over-year, driven by a record-breaking watch business and stronger demand for high-value consignments. Watches accounted for $235.5 million, nearly half of total sales, with its Geneva sale being the most successful watch auction ever, and New York and Hong Kong auctions setting regional records. Average lot value rose 55%, sell-through rate was 90% by lot, and evening sales achieved 94% sell-through by lot and 99% by value. The hammer-price-to-low-estimate index reached 165%. Top fine-art lot was Andy Warhol's Sixteen Jackies at $16.2 million. Notable watch results included F.P. Journe's Chronomètre à Résonance "Souscription No. 007" at $13.9 million and a Patek Philippe Ref. 2499 at HK$80.4 million ($10.3 million). Key consignments included the collection of Ambassador John L. Loeb Jr. ($18 million) and the estate of Tina Hills ($14.2 million so far). First-time buyers made up 40% of purchasers, up from 36%, and Millennials and Gen Z represented one-third of bidders, up from 25%. Nearly 70% of works sold online, up from 62%. CEO Martin Wilson attributed gains to exceptional property, global participation, and sustained demand. The results come amid a more selective broader auction market, with Sotheby's and Christie's seeing strong competition for top works but weaker demand for ordinary material.