Phillips' UK revenue fell 22.3% in 2025 even as its loss narrowed
Phillips, the auction house with headquarters in London and New York, saw its UK revenue fall 22.3 percent in 2025. The figures come from accounts it filed with Companies House, the UK government agency that keeps records for companies registered in Britain, and were reported by ArtNews on 29 October 2026.
Revenue, the total money a business takes in, dropped from $44.13 million (£33.18 million) in 2024 to $34.26 million (£25.76 million) in 2025. Yet the company's loss got smaller. Its UK pre-tax loss, the figure after costs and before tax, narrowed to $14.02 million (£10.54 million) from $61.86 million (£46.51 million).
The earlier year carried a one-time, non-cash charge of about $35.9 million (£27 million). Non-cash means no money left the business. The charge came from revaluing balances owed between Phillips entities.
Gross profit, what is left after the direct costs of selling, slipped 6 percent to $19.57 million (£14.72 million). Phillips held 23 auctions in London in 2025, four fewer than the year before.
The wider UK market also shrank. Total UK auction sales came to $122.6 million (£92.2 million) in 2025, down 31.3 percent from $178.6 million (£134.3 million) the year before, according to the same ArtNews report.
Private treaty sales, deals agreed directly between seller and buyer rather than at a public auction, went the other way. Phillips recorded $39.6 million (£29.8 million) in these sales for 2025, up 23.1 percent from $32.2 million (£24.2 million).
Phillips was quick to add context. A spokesperson said the Companies House accounts cover only certain parts of its international business and do not show how the company performed as a whole. The filing covers the UK operations alone, not those in the United States, Europe or Asia.
The spokesperson also said global sales rose 10 percent in 2025 and private sales grew 66 percent. The company expects 2026 to be one of its most successful years, the spokesperson said.
Phillips is owned by Mercury Group, a Russian luxury retailer. That ownership is one reason its accounts draw attention in London and beyond.
The company's spring 2026 auctions gave a brighter picture. Phillips said its spring sales totalled $507 million. A 90 percent sell-through rate, meaning 90 percent of the lots offered found buyers, was also reported. Artnet News reported spring 2026 sales were up 60 percent on spring 2025.
For buyers and sellers, the picture is mixed. Fewer London sales and a smaller UK market sit alongside a larger private business and a strong spring.
