Phillips, an auction house known for handling the work of up-and-coming artists, is reportedly entering the world of eCommerce.
The house will begin selling fine art directly to collectors through its new online platform, Dropshop, on Aug. 20, Bloomberg reported Monday (Aug. 7).
The launch is part of Phillips’ commitment to not only diversifying its portfolio but helping artists get their work to a wider audience, according to the report.
“It’s something that’s appealing to both sides,” Amanda Lo Iacono, global managing director of 20th century and contemporary art, said in the report. “We identified this ability to act as a platform for artists and bring them into direct contact with collectors.”
Phillips will collect a fee for every sale and will offer a 3% commission back to artists if a piece purchased from the platform is resold through Phillips in the future, according to the report.
Cj Hendry, a “hyperrealist” artist who typically sells her artwork directly via Instagram or out of her studio, will be the first to offer work for sale on Dropshop, the report said.
“This is great for them, it’s great for me, and they’re working as fast as I work,” Hendry said in the report. “They can clearly see there’s a need to reach a younger contemporary collector, so it works well for everyone.”
Prices on the Dropshop platform will range from $5,000 to $50,000 but may go higher in some instances. As for art galleries or curators wishing to use Phillips’ service, Lo Iacono hinted that may be a possibility in the future.
“In general, we feel really confident with the growth and robustness we’ve seen in contemporary art and editions,” said Lo Iacono. “A lot of these [Dropshop] partners have demand that is not being met through other channels, whether it’s their gallery or however they’re reaching collectors. We hope we’re on the vanguard.”
Other auction houses have been expanding their offerings as well.
Art and luxury business Christie’s said in September 2022 that it was launching a new department devoted to sneakers, streetwear and sports collectibles.
Auction house Sotheby’s announced in October 2022 that it has built a digital twin of its New Bond Street, London, headquarters in blockchain-based Decentraland to showcase and sell digital art non-fungible tokens (NFTs), as well as works being auctioned in the real building.
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