Editor’s Note
Phillips has reported a 10% year-over-year increase in total turnover for 2025, reaching $927 million, signaling a recovery in the auction sector. A remarkable 66% surge in private sales, surpassing $200 million, drove this growth, while public auction revenue held steady at $725 million.
In 2025, as the market gradually adapted to recent global political and economic shifts, the auction industry also began to recover. Phillips announced a total turnover of US$927 million (public auctions + private sales | RMB 6.46 billion) for the previous year, representing a 10% increase from 2024.
Private sales turnover exceeded US$200 million, achieving a significant year-on-year increase of 66%. Public auction turnover reached US$725 million, remaining largely stable compared to 2024.
Total Global Turnover: US$927 million (up 10%; 2024: US$843 million)
Auction Turnover: US$725 million (2024: US$721 million)
Private Sales Turnover: US$202 million (up 66%; 2024: US$121 million)
33% of buyers were new clients.
Social media followers grew by 15% year-on-year.
The watch auction sector performed particularly strongly, with global turnover surpassing US$290 million, setting a new historical high for the industry. Phillips Watches now leads the market with approximately a 45% market share, ahead of the two major auction houses Sotheby’s and Christie’s.
Annual total turnover (auction + private sales) exceeded US$370 million.
Auction turnover reached US$290 million, setting the highest annual auction turnover record in watch auction history.
Achieved annual auction turnover exceeding US$200 million for five consecutive years, an industry first.
Market share reached 45%, leading Christie’s and Sotheby’s, solidifying its position as the global market leader.
In 2025, Phillips Watches sold 1,802 lots, with 36 timepieces changing hands for over US$1 million each, the highest number in the industry.
The average price per timepiece reached US$130,000. The average price for live auctions was US$173,000, and for online auctions it was US$20,000, leading its peers.
Patek Philippe, Reference 1518 Perpetual Calendar Chronograph in Steel | CHF 14.19 million
The unique prototype F.P. Journe “FFC” from director Coppola’s collection | US$10.77 million
Sales at the Perpetual Hong Kong watch retail store increased significantly by 150% compared to 2024.
The year concluded successfully with 6 physical and 7 online auctions, achieving a 99% lot sell-through rate and a 100% value sell-through rate. The overall hammer price (including buyer’s premium) reached 246% of the pre-sale estimate.
Based on hammer price (including premium), 59% of sold lots exceeded their high estimate.
Phillips is the only auction house capable of selling non-charity wristwatches for over US$10 million, achieving two such record-breaking sales in 2025. The three highest-priced wristwatches ever sold in non-charity auctions were all sold by Phillips.
Phillips watch auctions attracted collectors from 80 countries and regions. Among them, 35% of buyers were new clients, and 32% belonged to the Millennial or Gen Z demographic.
Online bidders accounted for a high 96%, highlighting the trend towards auction digitization.
In 2025, Phillips’ watch retail division, Phillips Perpetual, and private sales sold 240 timepieces, generating over US$80 million in sales.
Within Phillips Perpetual business, 42% were new clients to Phillips.
Highlights of timepieces sold through Perpetual included: one of only ten known F.P. Journe “Grande Sonnerie” in steel, a Patek Philippe Reference 6002R in rose gold, a complete set of F.P. Journe steel watches, and a Patek Philippe Reference 5374P.
Exclusive exhibitions like “Independent Spirit” in London, featuring top independent watchmakers such as Raúl Pagès, Konstantin Chaykin, and Charles Frodsham, expanded Perpetual’s connection with a new generation of collectors.
1. Patek Philippe, Reference 1518 Perpetual Calendar Chronograph in Steel, 1943 | CHF 14.19 million (US$17.63 million)
2. Francis Bacon, “Head Study: Isabel Rawsthorne and George Dyer,” 1967 | US$16.01 million
3. Joan Mitchell, “Untitled,” 1957-58 | US$14.29 million
4. The unique prototype F.P. Journe “FFC” from director Coppola’s collection, c. 2021 | US$10.77 million
5. Yoshitomo Nara, “Pink,” 2000 | HK$56.64 million (US$7.27 million)
6. Jean-Michel Basquiat, “MP,” 1984 | £4.88 million (US$6.71 million)
7. F.P. Journe X THA for Breguet, a gold tourbillon wristwatch with moon phase and power reserve, 1991 | CHF 5.5 million (US$6.61 million)
8. Jean-Michel Basquiat, “Untitled,” 1984 | US$6.59 million
9. Complete juvenile Triceratops skeleton “CERA,” Late Cretaceous, c. 66 million years ago | US$5.37 million
10. Ed Ruscha, “Alvarado to Doheny,” 1998 | US$4.90 million
Global auction average sell-through rate was 88%.
Average hammer price exceeded estimate by 22%.
Nearly 70% of lots were sold via the internet.
In September, the industry-first “Advance Bidding” incentive was launched, offering lower commission rates for buyers who bid early, leading to a 275% surge in early participation rates.
The November “Modern & Contemporary Art” New York auction featured an “Out of This World” theme,首次引入自然历史奇珍 for the first time. Among them, the first-ever complete juvenile Triceratops skeleton “Cera” sold for over US$5.37 million, more than double its estimate.
Phillips expanded its prints business, holding its first prints专场 in Hong Kong alongside regular sales in London and New York. It also launched the inaugural “MODERNISM”专场 in New York, presenting outstanding works from the turn of the 20th century and beyond.
80% of the lots presented in global “Modern & Contemporary Art” evening sales were appearing at auction for the first time.
The Jewelry department’s autumn sale in Geneva featured the Vanderbilt family collection from the US, achieving 100% sell-through with a total exceeding CHF 3.42 million (US$4.25 million), far surpassing the pre-sale estimate by four times.
Global photography auction turnover increased, with the New York专场 recording a substantial 88% growth. Key专 included “Visual Language: The Art of Irving Penn” and “Color Vision: Masterworks by William Eggleston from Guy Stricherz & Irene Malli,” which achieved 100% sell-through.
Turnover was approximately US$202 million.
17 exhibitions were held across eight countries throughout the year. Highlights included “Crossing Borders, Modern Art from South Asia” in London, “Thierry Noir: Rush Hour” in Tokyo and Hong Kong, and “Picasso’s Animal Kingdom” in Hong Kong.
Over 60% of Dropshop buyers were new clients to Phillips, and nearly 40% were Millennials or Gen Z.
The buyer network covered 32 countries across five continents.
Phillips’ e-commerce platform collaborated with artist Cj Hendry to launch her first IP doll series “juju,” hosting a pop-up exhibition at its Hong Kong headquarters. The series, including hyper-realistic paintings, collectible doll charm blind boxes, and limited-edition sculptures, sold out completely within a week.