Phillips Reports $843M in 2024 Sales, Auction Revenue Drops 14%
Despite challenges, watches and jewelry sales remained stable.
Phillips auction house reported $843 million in global sales for 2024, with auction revenue falling 14% to $721 million compared to 2023. Despite the dip, Phillips achieved an 86% sell-through rate, with 80% of lots exceeding their estimates.
A younger demographic played a key role, as 30% of buyers were under 40, and a third were new clients. While art sales slowed, watches and jewelry remained steady, with watches generating $200 million for the fourth consecutive year.
The report highlights rising competition for high-value works and ongoing financial pressure, as Phillips navigates its recovery from a sluggish 2023.
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