Phillips Partners with Chinese Auction House Yongle for Autumn Sales

Phillips has announced a strategic partnership with Yongle, a young Chinese auction house, for a series of auctions this autumn in Hong Kong and Beijing. The collaboration reflects the growing importance of the Asian art market, which accounted for 40% of Phillips' global sales in the first half of 2022. The auctions will include the 20th Century & Contemporary Art & Design Day and Evening Sales at Phillips Hong Kong from November 30 to December 1, 2022, followed by the Global Vision – Modern & Contemporary Art Evening Sale in Beijing, curated by Yongle. Preview tours are planned in Shanghai, Taipei, Taichung, and Singapore. Phillips is also opening a new exhibition space in Hong Kong's West Kowloon in spring 2023 and has an existing partnership with Poly Auction. Jonathan Crockett, Chairman of Phillips Asia, noted that the highest-value lot in Phillips' history—a Basquiat from Yusaku Maezawa's collection—was sold to an Asian collector for $85 million. Peng Zhaojun, Director of Yongle Culture Group and Yongle Auction, stated that the partnership will expand global reach and create synergies.