International economies have toppled over themselves during the COVID-19 pandemic, with multiple businesses entering bankruptcy. It’s been similarly seen for auctioneer houses selling iconic works of art, with most failing to earn profits throughout Q1 to Q3 in 2020. There’s been a few resilient auctioneer’s that’ve managed to sustain profits, with some obtaining record sales amid the COVID-19 pandemic.
The Phillips Auction House maintains events throughout Hong Kong, London, and New York City. Their latest event is being hosted in Hong Kong with the Poly Culture Group. London & NYC weren’t selected because an evident shift in auctioned art has occurred throughout the industry, with Asian clientele spending high quantities of cash to obtained rare works. Their bids are regularly greater than American bidders, making Phillips Auction House – Asia Division, PAHs most profitable market space.
Higher Profits, Lowered Attendances
Since the COVID-19 pandemic became an international crisis, the Phillips Auction House has maintained an online component for bidders. This has enabled multi-millionaires throughout Hong Kong, London, and New York City to avoid the coronavirus by bidding from their homes. Phillips Auction House hosted the “Hong Kong Spring Auction from Phillips” in 2020, where Asian bidders broke financial records. The $35,000,000.00 record from a single auction was furthered by an additional $5,000,000.00.
The 2020 Phillips Hong Kong Spring Auction was hosted via the digital format. However, the Summer Auction entered cancellation status in July. Similar fallouts were experienced with competing auctioneers like Sotheby’s. It should be clarified that the Spring Auction for Phillips saw a 60% decrease in attendance. The fact that profits of $40 Million could be earned with occupancy percentages of 40%, it’s astonishing what Phillips Auction House has accomplished during the COVID-19 pandemic. No other auctioneer has sustained increased profits during 2020, with Phillips Auction House anticipating that there winter event in Hong Kong will obtain more generous funds.
Details on the involvement of the Poly Culture Group hasn’t been revealed. It’s anticipated that PCG is locating a viable & secure location that can host an auction in the 4th quarter of 2020. Accomplishing this task throughout Hong Kong won’t be easily accomplished with the Chinese Communist Party overrule.