Phillips CEO 'Confident' in Spring Auction's Success

The video discusses the global art market, noting a decline in sales in 2016 and a cautious but optimistic outlook for 2017. It highlights key artists and pieces, such as Peter Doig, and addresses concerns about market saturation. The role of price guarantees in auctions is explored, with Phillips competing aggressively with Sotheby's and Christie's. Phillips' strategic focus on contemporary art and expansion into Asia is emphasized, with a positive response from buyers and sellers.

What factors contributed to the decline in total sales in the art market in 2016?

How did the auction sales perform at the end of 2016 and what was the outlook for 2017?

Who is Peter Doig and why is he significant in the context of the art market?

What role do price guarantees play in the auction house's strategy?

What is the current strategy of Phillips in the contemporary art market?