Phillips is a major international auction house that sells fine art, design, jewelry, and watches
Phillips operates auction rooms in New York, London, Los Angeles, and Geneva, holding sales multiple times per year in categories like contemporary art, post-war and contemporary art, design, jewelry, and timepieces. Unlike some auction houses that accept nearly everything, Phillips focuses on higher-value items and curates its sales by category and estimated value range. If you are considering selling through Phillips, you need to understand how their consignment process works, what fees they charge, and whether your item fits their market focus.
The auction house does not charge you to submit an item for evaluation. A specialist will assess whether the piece meets their standards for sale, estimate its value, and explain the terms if they decide to include it. The key difference between Phillips and other routes is that Phillips targets collectors and institutions with significant budgets, which means lower-value items typically do not appear in their sales.
Key Takeaways
- Phillips evaluates items free of charge, but only accepts pieces that fit their market focus and estimated value thresholds, which vary by category.
- The auction house charges a buyer's premium (the percentage added to the hammer price) and a seller's commission (the percentage deducted from your proceeds), with rates that depend on the final sale price.
- You retain ownership of your item until it sells; if it does not reach the reserve price you agree on beforehand, it returns to you unsold.
- The entire process from consignment agreement to payment typically takes three to six months, depending on which sales season your item enters.
How to submit an item for evaluation
Contact the appropriate department at Phillips based on what you are selling. For contemporary art, reach the Contemporary Art department; for design, the Design department; for jewelry, the Jewelry department. You can submit images and basic information through their website or by calling the office in the city nearest to you. A specialist will review the submission and let you know within one to two weeks whether they want to see the item in person.
If the specialist invites you to bring the piece in, do not clean, restore, or alter it before the viewing. Condition issues are part of the valuation, and any work you do beforehand may reduce the estimate or disqualify the item. Bring documentation of provenance (ownership history), certificates of authenticity, exhibition catalogs, or any other paperwork that establishes the item's background. The more complete your documentation, the higher the estimate is likely to be.
Understanding estimates, reserves, and hammer prices
After evaluation, Phillips provides a pre-sale estimate — a range showing what the specialist believes the item will sell for at auction. This is not a may provide; items regularly sell above or below the estimate depending on bidder interest on the day of sale. The estimate helps you decide whether to proceed with consignment.
You and Phillips then agree on a reserve price, which is the minimum price at which the auctioneer will sell your item. If bidding does not reach the reserve, the lot is withdrawn and returned to you unsold. The reserve is typically set at or slightly below the low end of the estimate. If your item does not sell, you owe nothing to Phillips, but you do pay for shipping the item back to you.
The hammer price is what the winning bidder pays at the moment the auctioneer's gavel comes down. Buyers then pay an additional percentage on top of the hammer price, called the buyer's premium. Your proceeds are calculated from the hammer price, not the total the buyer pays.
Seller's commission and other costs you will pay
Phillips deducts a seller's commission from your hammer price before sending you payment. The commission rate depends on the final sale price and typically ranges from 10 percent on the first portion of the hammer price down to lower percentages on higher amounts. A specialist will explain the exact rate for your category before you sign the consignment agreement.
You are also responsible for insurance while the item is in Phillips' care, shipping to the auction house, and shipping back to you if the lot does not sell. Some sellers negotiate with Phillips to cover certain costs, particularly for high-value items, but this is not standard. Ask about cost-sharing before you commit.
If your item sells, payment is typically issued 35 to 45 days after the sale closes. This delay allows time for the buyer's payment to clear and for Phillips to process the transaction.
What happens between consignment and sale day
Once you sign the consignment agreement, your item is cataloged and photographed for the auction catalog and Phillips' website. The catalog entry includes the estimate, a description, condition notes, and provenance information. High-value items may be featured in pre-sale exhibitions that run for several days before the auction, allowing serious bidders to inspect the piece in person.
Phillips promotes sales through their mailing list, social media, and direct outreach to collectors known to bid in your category. The amount of promotion your item receives depends partly on its estimate and partly on how much interest the specialist believes it will generate. Items estimated in the lower range may receive less individual attention than headline lots.
Comparing Phillips to other auction routes
Phillips differs from regional auction houses in that it operates internationally and focuses on fine art, design, and luxury goods rather than general antiques and collectibles. If your item is valued under $5,000 to $10,000 (depending on category), a regional or local auction house may be a better fit, as they handle lower-value lots more routinely and may charge lower commissions. If your item is a contemporary artwork, design piece, or luxury watch valued in the five-figure range or higher, Phillips is worth contacting.
Selling privately to a dealer or collector is another option that bypasses auction entirely. You receive payment faster and avoid commission, but you typically receive less money than you would at auction, because the buyer factors in their own margin. Auction is best when you believe competitive bidding will drive the price up.
Common questions about the consignment process
Many sellers worry that submitting an item means they are committed to selling it. You are not. If Phillips accepts the piece and you later change your mind, you can withdraw it before the sale, though you may owe for costs already incurred (photography, insurance, shipping to the house). Read the consignment agreement carefully to understand your withdrawal rights and any associated costs.
Another common concern is whether estimates are realistic. Specialists base estimates on recent comparable sales, current market demand, and the item's condition. Estimates are intentionally conservative — the specialist would rather see an item sell above estimate than fail to meet it. If you believe an estimate is too low, discuss it with the specialist before signing. They may adjust it, or they may explain why the market for that particular item is softer than you expected.
Frequently Asked Questions
How long does it take from consignment to receiving payment?
The full timeline is typically three to six months. Evaluation and consignment agreement take one to two weeks. The item then waits for the next appropriate sale in its category, which could be weeks or months away. After the sale, payment is issued 35 to 45 days later. Ask the specialist which sale season your item will enter so you know the expected timeline.
What if my item does not sell at auction?
If bidding does not reach your reserve price, the lot is withdrawn unsold. Phillips will contact you to arrange return shipping. You owe nothing to the auction house, but you do pay for shipping the item back to you and any insurance costs incurred while it was in their care.
Can I set the reserve price myself, or does Phillips decide?
You and Phillips agree on the reserve together. The specialist will recommend a reserve based on the estimate and market conditions, but you have the final say. The reserve is typically set at or near the low end of the estimate to give the item the best chance of selling.
Do I need to be present at the auction?
No. The auction house handles the sale whether you are there or not. You can watch online if Phillips streams the sale, or you can straightforward wait for the results. If your item sells, you will be notified and payment will be processed according to the timeline in your consignment agreement.
What if I think my item is worth more than the estimate?
Discuss this with the specialist before signing the agreement. Bring comparable sales data or recent auction results for similar items. The specialist may adjust the estimate if new information supports a higher range, but remember that estimates are based on realistic market conditions, not on what you hope the item is worth.