Phillips UK Revenue Fell 22.3 Percent in 2025, Filing Shows

Phillips's UK turnover fell 22.3 percent in 2025, dropping from $44.13 million (£33.18 million) to $34.26 million (£25.76 million), according to the auction house's latest filing with Companies House (the UK government agency keeping annual records for registered companies). The silver lining: the pre-tax loss narrowed dramatically, to $14.02 million (£10.54 million) from $61.86 million (£46.51 million) the year before. Of course, the 2024 figure was inflated by a one-time, non-cash charge of roughly $35.9 million (£27 million) tied to the revaluation of balances with other Phillips entities. Gross profit slipped 6 percent, to $19.57 million (£14.72 million) from $20.86 million (£15.68 million).

A number worth reading twice, then, but not twice as bad as it looks.

What does the filing actually cover?

Only the UK accounts. Not the US, Europe, or Asia. The house, owned by the Russian luxury retailer Mercury Group and headquartered in London and New York, is keen to make that distinction.

A Phillips spokesperson told ARTnews: "Phillips is a global business, operating across the United States, Europe, and Asia. The accounts filed at Companies House relate to only certain elements of our international operations and do not reflect the financial performance of Phillips as a whole or how the business is performing today."

The spokesperson expects 2026 to be one of the most successful years in the house's history, thanks to a focused strategy and strong commercial performance.

What happened at the London salesroom?

The UK numbers tell a story of fewer auctions and softer hammers:

• Phillips held 23 London auctions in 2025, four fewer than in 2024.
• Aggregate UK auction sales (hammer price plus buyer's premium) totaled $122.6 million (£92.2 million), down 31.3 percent from $178.6 million (£134.3 million).
• Private treaty sales — sales made outside of auction — rose 23.1 percent, to $39.6 million (£29.8 million) from $32.2 million (£24.2 million).

Per the filing, Phillips earns commissions facilitating sales of art, design, photography, editions, watches, and jewelry, at auction or privately.

Who left, and who's watching the books?

The summer brought an exodus of senior leadership, including Miety Heiden, chairman of private sales, and Jonathan Crockett, chairman for Asia. Reporting at the time showed the house pivoting strategy after a costly attempt to compete head-on with Sotheby's and Christie's. A prominent former Phillips employee, speaking anonymously, said the house is now adding handbags to its categories.

Directorship also turned over. Former chief executive Ed Dolman resigned as a director on June 7, 2025; chief financial officer Annette Schwaer resigned on August 19, 2026, the same day CEO Martin Wilson was appointed a director. Paul de Bono, chief operating officer for Europe, served throughout.

Is there a going-concern problem?

Here the filing gets blunt. The group and company have "historically been loss making and are in a net liability position at the reporting date." Mercury Group Trading Limited, the ultimate parent, has given written confirmation that it intends to keep providing financial support and "has the financial resources" to do so. But the filing also concedes that support from the ultimate beneficial owners "cannot be guaranteed," and both the directors and the auditor flag this as a "material uncertainty" that "may cast significant doubt" on the group's ability to continue as a going concern.

The filing lists the usual risk factors: world economies and financial markets, currency movements, provenance authentication, competition with other auctioneers and dealers, art demand, and the cost of know-your-customer (KYC) checks to prevent money laundering.

The house, for its part, points to a strong 2025 globally — sales up 10 percent, private sales up 66 percent — and says the momentum has continued through 2026. Whether Mercury's patience and a handbag category can carry the house past its going-concern question is the number that matters now.