{"id":3189,"date":"2022-11-21T10:59:33","date_gmt":"2022-11-21T03:59:33","guid":{"rendered":"https:\/\/vygallery.com\/phillips-teams-up-with-another-auction-house-as-part-of-an-ambitious-plan-to-grow-its-foothold-in-china\/"},"modified":"2022-11-21T11:00:20","modified_gmt":"2022-11-21T04:00:20","slug":"phillips-teams-up-with-another-auction-house-as-part-of-an-ambitious-plan-to-grow-its-foothold-in-china","status":"publish","type":"post","link":"https:\/\/vygallery.com\/en\/phillips-teams-up-with-another-auction-house-as-part-of-an-ambitious-plan-to-grow-its-foothold-in-china\/","title":{"rendered":"Phillips Teams Up With Another Auction House as Part of an Ambitious Plan to Grow Its Foothold in China"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>A collaboration with Beijing&#8217;s Yongle Auction will allow Phillips&#8217;s international clients to bid at sales in mainland China.<\/strong><\/p>\n<p style=\"text-align: center;\"><img decoding=\"async\" class=\"alignnone size-full wp-image-3186\" src=\"https:\/\/vygallery.com\/wp-content\/uploads\/2022\/11\/1-ok-1.jpg\" alt=\"\" width=\"680\" height=\"517\" srcset=\"https:\/\/vygallery.com\/wp-content\/uploads\/2022\/11\/1-ok-1.jpg 680w, https:\/\/vygallery.com\/wp-content\/uploads\/2022\/11\/1-ok-1-300x228.jpg 300w, https:\/\/vygallery.com\/wp-content\/uploads\/2022\/11\/1-ok-1-600x456.jpg 600w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><\/p>\n<p style=\"text-align: center;\"><em>Basquiat&#8217;s\u00a0Untitled\u00a0unveiled in Phillips London. Courtesy of Phillips.<\/em><\/p>\n<p style=\"text-align: justify;\">Phillips will team up with Chinese auction house Yongle to form a new partnership\u2014the two will collaborate on a series of fall sales in Hong Kong and Beijing. The ambitious plan is the London-headquartered auctioneer\u2019s latest bid to further advance its market presence in mainland China while creating a new opportunity for international buyers to bid in a mainland auction.<\/p>\n<p style=\"text-align: justify;\">The series will kick off in Hong Kong with day and evening sales that will run from November 30 to December 1 of works spanning 20th century, contemporary, and design categories, organized and curated by Phillips. This will be followed by an auction of modern and contemporary art in Beijing in early December, curated and conducted by Yongle.<\/p>\n<p style=\"text-align: justify;\">Yongle, otherwise known as\u00a0Beijing Yongle International Auction Co., Ltd.,\u00a0is a part of the Yongle Culture Group, a private company that runs businesses spanning art auctions, acquisitions, and financial leasing, as well as appraisal, exhibition, and IP (intellectual property) developments. The company was founded in 2005 under a different name before it was restructured; it staged its inaugural sale under Yongle Auction in summer 2020 in Beijing. Last fall, it set an auction record for a sale of western art in mainland China with Balthus\u2019s\u00a0The Cat in the Mirror III, which sold for 167 million yuan ($26.19 million).<\/p>\n<p style=\"text-align: justify;\">This is not the first time Phillips has collaborated with a Chinese auction house. The partnership with Yongle came after nearly two years of successful collaboration with\u00a0Poly Auction\u00a0that ran from 2020 through\u00a0fall 2021. The collaboration with Poly, however, was primarily a Hong Kong-based one\u2014it was a partnership with Poly Auction Hong Kong, which identifies itself as an individual company that separates itself from Beijing Poly International Auction (both belong to the state-owned, Beijing-headquartered, and Hong Kong-listed\u00a0Poly Culture Group). The sales were conducted in Hong Kong with phone bidders dialling in through the Beijing offices.<\/p>\n<p style=\"text-align: center;\"><img decoding=\"async\" class=\"alignnone size-full wp-image-3187\" src=\"https:\/\/vygallery.com\/wp-content\/uploads\/2022\/11\/2-ok-1.jpg\" alt=\"\" width=\"680\" height=\"454\" srcset=\"https:\/\/vygallery.com\/wp-content\/uploads\/2022\/11\/2-ok-1.jpg 680w, https:\/\/vygallery.com\/wp-content\/uploads\/2022\/11\/2-ok-1-300x200.jpg 300w, https:\/\/vygallery.com\/wp-content\/uploads\/2022\/11\/2-ok-1-600x401.jpg 600w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><\/p>\n<p style=\"text-align: center;\"><em>A scene from Yongle Beijing\u2019s Global Vision \u2013 Modern &amp; Contemporary Art Evening Sale. Courtesy of Yongle Auction.<\/em><\/p>\n<p style=\"text-align: justify;\">The collaboration with Yongle is expected to take this kind of partnership to a different terrain given that Yongle is a Beijing-based auction house and that the collaboration involves live auctions in both Hong Kong and Beijing.<\/p>\n<p style=\"text-align: justify;\">It is also in-line with Phillips\u2019s growing ambitions since it set foot in the region via Hong Kong in\u00a02015. On the heels of a record year for the house 2021, which sales totalling $1.2 billion, it announced it will be moving to its\u00a0new Hong Kong headquarters\u00a0in West Kowloon Cultural District in spring 2023.<\/p>\n<p style=\"text-align: justify;\">\u201cGreater China is a critical component of our growth strategy,\u201d Stephen Brooks, Phillips\u2019s CEO, said in a statement. \u201cWorking with Yongle on the ground will allow us to stage auction related programs in Beijing and Shanghai, and to directly serve [the mainland Chinese collecting] community by bringing the very best of western 20th century and emerging contemporary art to mainland Chinese clients.\u201d<\/p>\n<p style=\"text-align: justify;\">Bidders in Asia accounted for 40 percent of Phillips\u2019 global sales in the first half of 2022, according to Jonathan Crockett, Asia chair of Phillips. This included the\u00a0$85 million sale of the 1982 Jean-Michel Basquiat work\u00a0from the collection of Yusaku Maezawa to an Asian collector.<\/p>\n<p style=\"text-align: justify;\">Zhao Xu, the founder of Yongle Culture Group, said it has been the group\u2019s aspiration to broaden its global presence and that, through the partnership with Phillips, it hopes to \u201cfurther expand Yongle\u2019s growth domestically and internationally.\u201d<\/p>\n<p style=\"text-align: justify;\">The new partnership has emerged amid China\u2019s economic downturn brought upon by the ongoing\u00a0\u201czero-Covid\u201d policy\u00a0that keeps the country in prolonged periods of on-and-off lockdowns. Latest estimation from the\u00a0Asian Development Bank\u00a0forecasts that China\u2019s growth will be slower than that of the rest of Asia\u2019s developing economies for the first time in 30 years.<\/p>\n<p style=\"text-align: justify;\">Prolonged lockdowns have also caused a slump in property market, which led to the\u00a0closure\u00a0of the 19-year-old Guangdong Times Museum in Guangzhou in October and its sister space in Berlin\u00a0earlier; both were backed by property developer Times China.\u00a0China\u2019s billionaires\u00a0have also reportedly trying to leave the country and bring an estimated $60 million wealth with them.<\/p>\n<p style=\"text-align: right;\"><strong><a href=\"https:\/\/news.artnet.com\/\" target=\"_blank\" rel=\"noopener\">Artnet<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A collaboration with Beijing&#8217;s Yongle Auction will allow Phillips&#8217;s international clients to bid at sales in mainland China. Basquiat&#8217;s\u00a0Untitled\u00a0unveiled in Phillips London. Courtesy of Phillips. Phillips will team up with Chinese auction house Yongle to form a new partnership\u2014the two will collaborate on a series of fall sales in Hong Kong and Beijing. The ambitious<\/p>\n","protected":false},"author":1,"featured_media":3186,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.10 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Phillips Teams Up With Another Auction House as Part of an Ambitious Plan to Grow Its Foothold in China - VY GALLERY<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/vygallery.com\/en\/phillips-teams-up-with-another-auction-house-as-part-of-an-ambitious-plan-to-grow-its-foothold-in-china\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Phillips Teams Up With Another Auction House as Part of an Ambitious Plan to Grow Its Foothold in China - VY GALLERY\" \/>\n<meta property=\"og:description\" content=\"A collaboration with Beijing&#8217;s Yongle Auction will allow Phillips&#8217;s international clients to bid at sales in mainland China. 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