Phillips reported global sales of $927 million for 2025, a 10% increase over the previous year. Auction sales accounted for $725 million, while private sales surged 66% to $202 million. The auction house attributed growth to the launch of Priority Bidding, a platform offering reduced buyer's premiums for early bids, which led to a 275% increase in early selling bids. Phillips achieved an 88% sell-through rate by lot, with seven white-glove auctions and over 110 world auction records. Notable sales included a Patek Philippe watch for $17.6 million and Francis Bacon's *Study for Head of Isabel Rawsthorne and George Dyer* (1967) for $16 million. The luxury watch division generated $290 million, its highest annual total, and the Dropshop platform attracted many first-time and younger buyers.
This result matters because it signals renewed confidence in the art market, with all three major auction houses—Sotheby's, Christie's, and Phillips—reporting strong growth in 2025. Phillips' focus on digital innovation and private sales reflects a broader shift toward online engagement and client convenience, particularly appealing to Millennial and Gen Z collectors. The 33% rate of first-time buyers and the success of the Dropshop indicate that the auction house is successfully expanding its collector base. However, Phillips remains far behind its competitors, with Sotheby's on track for $7 billion and Christie's for $6.2 billion, underscoring the continued dominance of the two larger houses.