Phillips expands digital sales and fiduciary services for collectors

Following strong 2021 results and the announcement of a new Hong Kong venue, Phillips is refining its strategy by relaunching Gallery One and introducing Fiduciary Services. Gallery One, first tested in 2021, is an online platform that streamlines the meeting of supply and demand with a focus on privacy. Works selected by Phillips are available for one week only, from Thursday to Thursday, during which interested buyers can submit offers. This compressed timeframe aims to incentivize strategic bidding while ensuring a constant rotation of artworks, bypassing the traditional auction calendar. In 2021, several paintings were sold through this method, achieving notable results for artists such as George Condo, Genieve Figgis, and Jammie Holmes. Meanwhile, the newly launched Fiduciary Services team, composed of lawyers and tax specialists, assists collectors with financial agreements (including minimum price guarantees and risk reduction), valuation and due diligence for collections and artworks, and interpretation of import/export legislation. Martin Wilson, formerly Phillips' Chief Legal Counsel, now heads the Fiduciary Services, stating that the team aims to help clients manage high-value works and structured collections to seize new opportunities and challenges.