The summer was a turning point for Phillips, with several leaders leaving the auction house, including Miety Heiden, chairman of private sales, and Jonathan Crocket, chairman for Asia. While reporting at the time showed that Phillips was pivoting strategy after a costly attempt to compete with Sotheby’s and Christie’s, a new filing adds some financial figures to the picture. According to the auction house’s 2025 filing with Companies House, the UK government agency that keeps annual records for companies registered in the country, Phillips’s turnover fell 22.3 percent, from $44.13 million (£33.18 million) in 2024 to $34.26 million (£25.76 million) in 2025. Its pre-tax loss, however, narrowed to $14.02 million (£10.54 million), from $61.86 million (£46.51 million) the previous year, when results were weighed down by a one-time, non-cash charge of about $35.9 million (£27 million) tied to the revaluation of balances with other Phillips entities. Gross profit fell 6 percent, to $19.57 million (£14.72 million) from $20.86 million (£15.68 million)

 

The summer was a turning point for Phillips, with several leaders leaving the auction house, including Miety Heiden, chairman of private sales, and Jonathan Crocket, chairman for Asia. While reporting at the time showed that Phillips was pivoting strategy after a costly attempt to compete with Sotheby’s and Christie’s, a new filing adds some financial figures to the picture.

According to the auction house’s 2025 filing with Companies House, the UK government agency that keeps annual records for companies registered in the country, Phillips’s turnover fell 22.3 percent, from $44.13 million (£33.18 million) in 2024 to $34.26 million (£25.76 million) in 2025. Its pre-tax loss, however, narrowed to $14.02 million (£10.54 million), from $61.86 million (£46.51 million) the previous year, when results were weighed down by a one-time, non-cash charge of about $35.9 million (£27 million) tied to the revaluation of balances with other Phillips entities. Gross profit fell 6 percent, to $19.57 million (£14.72 million) from $20.86 million (£15.68 million)