Philips is breaking new ground with their latest e-commerce initiative. Dropshop brings the auction house to the primary market by partnering with artists directly and offering limited edition releases available for immediate purchase.
As the third largest auction house, behind Christie’s and Sotheby’s, Phillips is taking a bold step to set themselves apart. This platform type is the first of its kind in the art auctioneering world.
Christine Miele, the new head of e-commerce at Phillips, says, “ Dropshop is truly groundbreaking. These regular ‘takeovers’ are designed to create a dedicated space for artists to directly engage with Phillips’ global collecting community, amplifying their own voice in a personal and impactful way.”
What Does This Mean for Primary and Secondary Markets?
Traditionally, auction houses function exclusively in the secondary market. They acquire pieces from collectors rather than artists and then sell them at auction. By selling directly from artists, Phillips is entering the primary market.
While this is the first auction house-based platform with a “buy now” option, others have launched similar initiatives testing the waters. Sotheby’s released Artist’s Choice earlier this fall, a collection of works sold directly from artists and galleries who retain a majority of the profits.
With an increasing shift toward self-representation for artists, auction houses are forced to adjust.
Amanda Lo Lacono said, in an interview with Artnet, “We’re always looking for new ways to engage with collectors … The concept of Dropshop was really something that we were seeing demand for, both from collectors and artists/collaborators. This is a way to connect with each other without some of the noise.”.”
Dropshop will offer monthly releases from emerging and blue-chips artists, with a considerable portion of the sale given to creators. The works will range between $5,000 and $50,000.
Royalties are also paid to artists in the event of resales or sale in auction at Phillips, allowing them to enter the secondary market.
By partnering and paying artists, Phillips is the first auction house to commit to contemporary artists, giving them a platform and opportunity to sell on a larger scale.
Who is Behind Dropshop’s First Limited Edition Release?
Dropshop debuts on August 20, 2023, with a specially created release by CJ Hendry. The Australian-born artist is offering a series of bronze crowns along with a large-scale, photorealistic drawing.
Hendry creates hyper-realistic works examining curiosity, 2D, 3D, reality, and fantasy. Her upcoming Crown series features one hundred inflatable looking bronze crowns.
The artist’s commitment to sustainability and zero waste led to the imitation of plastic through bronze and colored pencil (in the large-scale drawing). Hendry has also stated that any crowns that go unsold will be melted down and repurposed in their upcoming exhibition in a few months.
Her environmentally conscious approach to artmaking represents Phillips’ broader aims with Dropshop. The initiative hopes to democratize art sales while consciously representing a broader range of artists, careers, and concepts.
Crowns will be on view at Phillips Headquarters in New York City on August 19th, one day ahead of the sale. Hendry has organized a “treasure hunt” through thousands of plastic crowns, designed to confuse patrons and push the work’s tromp l’oeil.
Phillips’ Growth in the Last Year
The auctioneer’s efforts to stand out from the crown have been underway for some time.
Phillips brought in a record-breaking $1.3 billion in sales in 2022. To continue the trend, they’re beginning new jewelry sales in Geneva and launching an annual David Hockney auction, the first of which will take place in September in London.
Since bringing Christine Miele in, observers speculate we will see a continued commitment to contemporary artists and galleries. Miele joined Phillips in the spring of 2023, after leaving the Kehinde Wiley shop where she expanded the artist’s online platform as his E-commerce Director. Previously she co-owned and operated reGeneration, a mid-century design gallery in SoHo.
Discover more from Stay Up-to-Date on the Latest Art News with Gothamartnews.com
Subscribe to get the latest posts sent to your email.
