Phillips and Poly Auction Houses Announce Collaborative Sales in Hong Kong This Autumn
This autumn, Phillips is collaborating with Poly Auction to conduct modern and contemporary art sales in Hong Kong, signifying a strategic partnership between the London-based auction house and the state-owned Chinese firm. Poly, ranked as the third-largest auction house globally by sales and closely following Phillips, aims to strengthen its foothold in Asia amid market difficulties. According to the UBS/Art Basel report, transactions in mainland China fell by six percent last financial year, with Poly's sales decreasing by 24 percent. Although Poly canceled its spring auctions due to COVID-19, Phillips achieved HK$272 million (£26.5m) in sales. Jiang Yingchun, chairman of Poly Auction, highlighted the evolving art auction landscape and expressed optimism for their collaboration, which leverages their regional strengths. Phillips, having opened offices in Hong Kong in 2015, aims to enhance its presence in Asia through this alliance.
Key facts
- Phillips and Poly Auction houses will collaborate on modern and contemporary sales in Hong Kong this autumn.
- Poly is owned by the Chinese state and is the third biggest auction house in the world.
- Phillips is closely followed by Poly in sales rankings.
- Transactions on the Chinese mainland fell by six percent last financial year, according to the UBS/Art Basel report.
- Poly's sales decreased by 24 percent last financial year.
- Poly cancelled auctions this spring due to the COVID-19 pandemic.
- Phillips pressed ahead with HK$272 million (£26.5m) in sales of modern and contemporary work.
- Jiang Yingchun, chairman of Poly Auction, stated the industry is undergoing significant changes with breakthrough innovations and collaborations.
Entities
Institutions
- Phillips
- Poly Auction
- Poly Group
- UBS
- Art Basel
Locations
- Hong Kong
- London
- China
- Chinese mainland