After several years of macroeconomic and geopolitical uncertainty, the auction market entered 2026 on more stable ground. Phillips reported US$507 million in global sales for the first half of the year, a 60% increase from the same period last year. The top lot was Andy Warhol’s Sixteen Jackies, which sold for US$16.2 million.

The watch department delivered the strongest performance, contributing US$235 million in sales, up around 100% year-on-year. The result marked the highest total in watch auction history and brought Phillips’ share of the global watch auction market to more than 50%.

• Total sales: US$507 million, up 60% year-on-year
• Sell-through rate: 90%
• Hammer price to low estimate index: 146%
• 40% of buyers were new to Phillips; nearly one-third were Millennial and Gen Z collectors
• Nearly 70% of works were sold online
• Phillips has maintained a 100% sell-through rate for works estimated above US$15 million every year since 2019
   

Key figures from Phillips’ watch sales in H1 2026

• Total sales: US$235 million, up 100% year-on-year – the highest total in the history of watch auctions
• Three live auctions in Geneva, New York, and Hong Kong each surpassed US$50 million, with 43 lots achieving prices above US$1 million.
• Phillips secured the top lots of the season across Europe, Asia, and the Americas, selling three watches for more than US$10 million in a single month.
• The Geneva Watch Auction: XXIII set a record for the highest-grossing watch auction in history, realizing CHF 74.8 million (US$96.3 million).
• The New York Watch Auction: XIV posted the highest total for a watch auction ever held in the Americas at US$75.8 million.
• The Hong Kong Watch Auction: XXII sold the most valuable timepiece ever offered at auction in Asia – a Patek Philippe Ref. 2499 First Series in pink gold, which fetched HK$80 million (US$10.3 million).

• F.P. Journe’s Chronomètre à Résonance “Souscription, No. 007” sold for more than US$13.9 million, becoming the most expensive watch sold globally this season and setting an auction record for any independent watchmaker.
• Of 939 lots offered, only two did not find buyers, resulting in a sell-through rate of 99.8%. 
• Phillips secured nine of the top ten lots at global watch auctions this season. 
• The average lot value across live and online auctions was approximately US$250,000, the highest in the industry.
• Bidders came from over 70 countries, with 30% of registrants new to Phillips and 35% under the age of 40. 
   

Key figures from Phillips’ modern and contemporary art sales in H1 2026

• Evening sale sell-through rate: 94%
• The May Evening Sale in New York was 100% sold, with sales up 122% year-on-year.
• The Collection of Ambassador John L. Loeb Jr., the former US Ambassador to Denmark, realized US$18 million across five auctions in New York and London, achieving a 90% overall sell-through rate. Sixteen works from the collection were acquired by leading public institutions.
• A Life in Colour: Property from the Estate of Tina Hills achieved a 99% sell-through rate across Editions, Jewels, Design, and Modern and Contemporary Art sales. The collection was led by Joan Mitchell’s Plain, which sold for US$6.9 million.
• The March Evening Sale in Hong Kong set a new auction record for Liu Dan, whose Dictionary sold for HK$11.5 million (US$1.5 million).

• The Hong Kong spring auctions recorded a 50% year-on-year increase in sales, with new clients accounting for 34% of buyers.
• Buying activity increased across Hong Kong, Mainland China, Taiwan, Japan, Singapore, Vietnam, and the Philippines.
• One third of private sales buyers this season were new to Phillips. 
• Private sales buyers came from 30 countries.

Key figures from Phillips’ other auction categories in H1 2026

• Jewels sell-through rate: 98%
• Marking Phillips' 230th anniversary, the Geneva Jewels sale introduced a new section, Collections & Provenance, featuring jewels and objects from the Vanderbilt family, the Kings of Bavaria, and European noble families. The section tripled its low estimate.
• Tina Modotti’s Bandolier, Corn, Sickle (1927) became the most expensive photograph sold at auction this season, achieving US$645,000.
• Editions sell-through rate: 90%