Editor’s Note
This article highlights Phillips’ robust 2023 performance, with a global auction total of $840 million—a 14% increase over 2019. Notably, Hong Kong contributed over HK$1.36 billion, underscoring Asia’s key role in the art market’s post-pandemic recovery.
While the global art market faced pressure during the pandemic, its recovery has been remarkably swift. In 2023, Phillips achieved a global auction total of US$840 million (RMB 5.973 billion), a 14% increase compared to the pre-pandemic year of 2019. Hong Kong contributed over HK$1.36 billion (RMB 1.236 billion), marking the auction house’s second-highest annual total in Asia to date.
In recent years, Yoshitomo Nara has been exceptionally sought-after in the Asian contemporary art market, and Phillips has been a key driver of this “Nara boom.” In 2023, Nara remained a star performer for Phillips. His works Looking for a Treasure and No Means No sold for HK$83.85 million and HK$65.53 million respectively, becoming the top two lots sold by Phillips Hong Kong for the year.
Another Japanese master, Yayoi Kusama, also demonstrated enduring appeal. Her painting Pumpkin sold for HK$56 million, becoming her highest-priced pumpkin canvas work sold in 2023.
In the luxury sector, Phillips’ signature watch department attracted over 1,800 collectors from 65 countries and regions. It achieved an annual total of HK$471 million, its second-highest ever in Asia, and secured a 100% sell-through rate for the third consecutive year. A highlight was the Patek Philippe Ref. 96 “Quantieme Lune” wristwatch from the collection of the last emperor, Puyi, which was purchased by an Asian collector for HK$48.85 million, setting a record for an imperial wristwatch at auction.
In jewelry, a Bulgari necklace featuring a 118.35-carat ‘Royal Blue’ natural sapphire from Sri Lanka led the field, selling for over HK$26.8 million.
Asian collectors are highly competitive across global auction markets. Phillips’ highest-priced artwork globally in 2023 was Gerhard Richter’s Abstraktes Bild (636). Although it sold for US$34.8 million in New York, it was also acquired by an Asian collector.
Key global metrics for Phillips in 2023 include:
- A global auction sell-through rate averaging 88%.
- Multiple 100% sell-through auctions, including all watch auctions in Hong Kong and New York.
- Millennial and Gen Z buyers accounted for approximately 30% of global auction buyers.
- The global ’20th Century & Contemporary Art’ evening sale series averaged a 95% sell-through rate.
- The watch department achieved US$216 million, its second-highest annual total.
- Jewelry auction turnover grew 40% year-on-year.
Phillips Hong Kong will continue to host auctions and exhibitions at its West Kowloon Cultural District headquarters. The tentative schedule for the first half of 2024 is as follows:
- Jan 29 – Feb 7: 20th Century & Contemporary Art (Online)
- Mar 28: Jewels
- Mar 29: New Now
- Apr 30 – May 9: 20th Century & Contemporary Art (Online)
- May 23-30: Jewels (Online)
- May 24-25: Hong Kong Watch Auction: XVIII
- Late May – Early June: 20th Century & Contemporary Art Day & Evening Sales