Two top executives at Phillips auction house, global chairwoman Cheyenne Westphal and president of the Americas Jean-Paul Engelen, are stepping down. Westphal, who joined Phillips from Sotheby's in 2016 and has been called the most powerful woman in contemporary art, plans to start her own business working directly with private collectors and artists. Engelen is moving to Acquavella Galleries in New York. Their departures follow the resignation of executive chairman Ed Dolman in December and deputy CEO Amanda Lo Iacono at the end of last year, marking a significant leadership exodus.
The departures come amid a prolonged downturn in the art market, with auction sales down 20% last year and contemporary art sales dropping 36% to their lowest level since 2018. Westphal and Engelen were instrumental in expanding Phillips's market presence over the past decade, and their exits represent what insiders call a tectonic shift. The appointments of Robert Manley as chairman of Modern and contemporary art and Miety Heiden as chairman of private sales signal a new guard at the auction house, as it navigates a bear market where private sales are increasingly preferred over public auctions.