Phillips Art Auction has been dealing with a crisis. While the auction house is not closing its doors just yet, it is facing a possible freeze on its business. That means consignors who have purchased items at auction could not see the money that they are due. In response to the situation, the company is reaching out to potential investors.
Phillips has been working to improve its online presence and reach new audiences. The company has launched new digital resources and formed partnerships with technology companies. In the first half of this year, the company had $75 million in online sales, up 50 percent from the previous year. It also conducted seven independent online sales, compared to two sales a year in partnership with Artsy.
The company has also been expanding its footprint in the U.S. Besides the London headquarters, Phillips has a new outpost in Los Angeles. It will be located at 9041 Nemo Street, West Hollywood, and house a 2,600-square-foot exhibition space. The venue will house traveling highlights from its New York auctions, as well as private selling exhibitions and panel discussions.
The auction house has seen increased sales this year. In the first half of 2022, Phillips reported that total sales rose by thirty percent. Private sales have also increased dramatically. Major auction houses have also embraced a hybrid in-person-online sales format.