On Tuesday, auction house Phillips reported $507 million in auction sales for the spring season of 2026, marking a remarkable 60 percent increase compared to the previous year. This surge was significantly fueled by a record-breaking watch business and heightened demand for high-value consignments, contributing to one of Phillips' strongest performances in recent years.
Record-Breaking Watch Auctions Drive Sales
Watches alone accounted for $235.5 million of the total auction sales, nearly half of Phillips' spring revenue. The auction house celebrated its Geneva sale as the most successful watch auction ever, with both New York and Hong Kong events also setting regional records. Phillips' Chief Executive Martin Wilson stated, “These results reflect not only the strength of the market, but the progress we have made as a business over the past year,” attributing the gains to exceptional property, global participation, and sustained demand.
The auction house maintained a 90 percent sell-through rate by lot throughout the season, with evening sales achieving an impressive 94 percent sell-through rate by lot and 99 percent by value. The season's hammer-price-to-low-estimate index reached 165 percent, showcasing a dynamic market.
High-Value Consignments and Notable Sales
Several marquee consignments significantly contributed to the overall sales increase, including the collection of Ambassador John L. Loeb Jr., which realized $18 million, and property from the estate of Tina Hills, which garnered $14.2 million across various categories. Despite these impressive figures, these collections represented only a fraction of the approximately $188 million increase in auction sales over last spring.
- Top fine-art lot: Andy Warhol's Sixteen Jackies sold for $16.2 million
- F.P. Journe's Chronomètre à Résonance “Souscription No. 007” sold for $13.9 million in New York
- Rare Patek Philippe Ref. 2499 sold for HK$80.4 million ($10.3 million) in Hong Kong
Emerging Collector Demographics
Phillips also noted a growing trend among newer collectors, with first-time buyers accounting for 40 percent of purchasers this spring, an increase from 36 percent last year. Millennials and Gen Z collectors made up one-third of bidders and buyers, up from 25 percent in the same period last year. The auction house reported that nearly 70 percent of works were sold online, a rise from 62 percent in spring 2025.
🤖 This article was rewritten by Feed and Figures' editorial AI from a report originally published by ArtNews. Facts and quotes are preserved from the original; the rewrite focuses on clarity and structure. For the unedited original, see the source link below.
