Phillips Auction House Says Surpassed Pre-COVID Sales During This Spring Season

MOSCOW (UrduPoint News / Sputnik - 03rd August, 2021) British auction house Phillips reported on Monday that it has exceeded its pre-pandemic spring season sales with over $542 million, a 25% increase compared to the same period in 2019.

According to the auction house, the season, which runs from January through July, brought in $452,006,870, in auction sales as well as $90,673,838 in private sales, resulting in a grand total of $542,680,708.

"The Spring 2021 sales were truly extraordinary, surpassing pre-pandemic levels with strong international participation across all of Phillips' platforms. Our several 'White Glove' sales across New York, Geneva and Hong Kong demonstrate a great sense of optimism and confidence in the market and have led to Phillips maintaining the highest sell-through rates in the industry," Chief Executive Officer Edward Dolman and Global Chairwoman Cheyenne Westphal said in a statement.

Like the other leading auction houses, Sotheby's and Christie's, Phillips saw a drop in sales after the COVID-19 pandemic hit the world in 2020. They seem to have bounced back in spite of that, according to the data from research firm Pi-eX, which shows that auction sales went up 230% in the first half of 2021.