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Phillips Plots New Headquarters in Hong Kong as Asian Market Grows – ARTnews.com

Phillips will establish a new headquarters in Asia at Hong Kongof the class West Kowloon Cultural Area in the fall of 2022, placing it close to the newly opened M+ museum. The news comes shortly after Phillips reported that it hit $1.2 billion in revenue last year. That annual number is a record for the home, and it marks a 32% increase from 2019.

In 2021, home auctions generated $993.3 million, up 35% from 2019. Likewise, its private sales channel also thrived, even as people Return to direct sales. That line of business brings in the remaining $208.2 million.

The new Hong Kong headquarters will house the boutique house, owned by Russian retail group Mercury, in the heart of one of Asia’s bustling cultural hubs. The auction house will lease 48,000 square feet in the West Kowloon Cultural District Authority Tower, occupying five and a half floors of a 16-story building overlooking the area’s Victoria Harbour. The top two floors will be used as exhibition space for previews of the auctions, while the remaining three floors will be used as retail and office space.

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West Kowloon’s CEO, Betty Fung Ching Suk-yee, said in a statement that adding Phillips to the area would begin a “long-term partnership” that will see Philips contribute to the region. “local, regional and international artistic and cultural development. ”

The auction house, which already has headquarters in New York and London, has seen sales from sales in Hong Kong nearly double last year, as it continues to profit from the partnership. Continuity with China’s Poly Auction. In Asia, the home sold more than HKD 2.1 billion ($270 million) for artwork, nearly double the figure for 2020.

Asian buyers account for 36% of spend on Phillips auction channels globally. Phillips reports that half of the top ten shipments in 2021, have already reached buyers in Asia. Among those lots were works by Francis Bacon and Georgia O’Keeffe, the two jugglers on the auction block.

The record year marks that Stephen Brooks, who took over as CEO to Ed Dolman this year, has so far led the company to success. In a statement, Brooks said he believes the house is ready for even larger sums by 2022. He called increasing Phillips’ presence in Asia a “critical component of our strategy.” our growth.” In September, the CEO told ARTnews in April, part of his long-term plan for the house is scale up evening sales, remained the same size for 5 years, to satisfy the hunger of buyers.

https://www.artnews.com/art-news/market/phillips-2021-sales-hong-kong-headquarters-1234613864/ Phillips Plots New Headquarters in Hong Kong as Asian Market Grows – ARTnews.com

Yasmin Harisha

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