Phillips achieved a 100% sell-through rate at its Modern and Contemporary Art Evening Sale in Hong Kong on 27 September, totaling nearly HK$160 million (US$20.5 million). All 20 lots sold, with six works exceeding HK$10 million. The top lot was Yoshitomo Nara's *Pinky* (2000), which sold for HK$56.64 million (US$7.2 million) after its estimate was lowered from HK$60–80 million to HK$35–55 million. The sale was the first major test of Phillips' new Priority Bidding (PB) system, which offers a reduced buyer's premium to collectors who place written bids at or above the low estimate at least 48 hours before the auction. Seven lots were withdrawn and several estimates revised downward ahead of the sale, contributing to the white-glove result.
This sale matters because it demonstrates how auction houses are innovating to reduce risk and secure sales in a cautious market. Phillips' Priority Bidding system incentivizes early commitment from buyers, allowing the house to adjust estimates and marketing strategies before the live event. The strong result for Nara's *Pinky* reinforces the enduring demand for top-tier Japanese contemporary art, particularly works from the artist's pivotal year of 2000. The success of this model could influence how other auction houses structure their sales, especially in Asia where competition among Christie's, Sotheby's, and Phillips is intense.