Phillips Touts Deal with New China Partner Amidst Buyout Rumours
Zao Wou-Ki, Untitled (2007). Oil on canvas, 73 x 92 cm. Estimate: HK $4,000,000–6,000,000 (US $510,000–764,000). Courtesy Phillips.
Phillips will team up with Chinese auction house Yongle on auctions in Hong Kong and Beijing this year.
Yongle has the opportunity to contribute consignments to Phillips’ 20th Century & Contemporary Art & Design Day and Evening Sales in Hong Kong from 30 November to 1 December.
Featured works include Gerhard Richter‘s Abstraktes Bild (774-1) (1992), Zao Wou-Ki‘s 14.10.69 (1969) and Untitled (2007), and Ewa Juszkiewicz‘s Untitled (2017).
In return, Phillips may contribute consignments to Yongle’s Global Vision – Modern & Contemporary Art Evening Sale in Beijing in early December.
Both auction houses will promote all three auctions.
Yongle Auction began as Forever International Auction Company, which worked with Christie’s on their inaugural sale of modern and contemporary Chinese paintings in 2005. In the past three years, Yongle has recorded sales of US $354 million.
The partnership between Yongle and Phillips comes as something of a surprise given Phillips’ success working with Poly Auction Hong Kong in recent years.
‘Collaborations open up mutual opportunities for growth and we would like to continue to explore possibilities of working with organisations that have different strengths,’ Jonathan Crockett, Phillips’ Asia Chairman, told Ocula Magazine.
‘It is in our DNA to experiment and innovate and we will continue to do so through strategic partnerships to ensure our continued growth in the region,’ he said.
Alongside Phillips’ shifting allegiances with Chinese auction houses, rumours have been building that the auction house may soon be acquired by new owners.
In their art market newsletter, The Canvas speculated that Moscow-based Mercury Group has been looking to divest themselves of Phillips since last spring following economic sanctions imposed on Russian elites in response to Russia’s invasion of Ukraine.
They quote a ‘highly reliable source’ that believes a deal worth US $500 million is now on the table.
Asked if ownership changes were in development, Crockett just clarified Phillips’ existing ownership structure.
‘Phillips is a series of UK, US, and Hong Kong companies, owned by Mercury Group. The ownership structure of Phillips remains the same,’ he said. —[O]
Main image: Zao Wou-Ki, Untitled (2007). Oil on canvas, 73 x 92 cm. Estimate: HK $4,000,000–6,000,000 (US $510,000–764,000). Courtesy Phillips.
A respected voice in contemporary art discourse.
Focusing on ambitious storytelling and insightful art-world commentary. Ocula Magazine publishes in-depth interviews, critical essays and timely analysis on the artists, exhibitions and ideas driving the global art world.
Learn more about Ocula Magazine
Showcasing the best of the art world.
Ocula partners with galleries from around the world to highlight their artists, artworks and exhibitions. Gallery membership is by application and invitation, with each member vetted by an independent panel.
Learn more about Ocula Membership
Specialises in the sale of major artworks.
Led by a team with deep ties to the world’s leading auction houses, galleries and collectors. Ocula’s advisory team offers bespoke services to high-net-worth clients from around the world who are looking to acquire the best of contemporary and modern art.
Learn more about our team and services