Fintech & Ecommerce

Auction House Phillips to Roll Out eCommerce Platform

The media reported that the Phillips auction house, which is known for selling paintings by aspiring artists, begins the history of its presence in the area of e-commerce.

Auction House Phillips to Roll Out eCommerce Platform

According to the information available to the media, the auction house will start selling fine art items directly to collectors from August 20. This activity will be carried out through the new online platform Dropshop.

The beginning of the presence in the e-commerce space is the realization of Phillips’ desire to diversify its portfolio. Also in this case, a movement is being made towards the goal that artists have the opportunity to present their paintings to a wider audience.

Amanda Lo Iacono, Global Managing Director of 20th century and contemporary art, says that increasing the scale of presence in the digital dimension is an attractive solution for all sides of the process of interaction between the commercial sphere and the art space. She also noted that the platform will become a place for artists where they can establish direct contact with collectors.

Phillips, as part of its e-commerce activities, will charge a fee on each sale. The auction house will offer artists to return a fee of 3% if the piece originally purchased on the platform is afterward resold through Phillips.

Cj Hendry, a hyperrealist artist whose activity commercial component involves selling paintings directly through an account registered in the Instagram application or from the studio, will be the first author to submit his works to Dropshop to acquire them from interested parties. She enthusiastically accepted and appreciated the initiative of the auction house, noting that in this case she is attracted by the speed of work, which coincides with the personal pace of the artist.

The prices of the pieces that will be presented at Dropshop will be in the range of 5 thousand to 50 thousand dollars. In some cases, the cost of paintings may be higher.

Amanda Lo Iacono said that in the future, a commercial solution could be created and launched in which art galleries or curators could interact with the platform. According to her, the auction house currently feels confident against the background of growth and sustainability, which demonstrates modern art. She noted that many partners of the platform, which will be launched in August, have a demand that remains unsatisfied in the format of other channels. Amanda Lo Iacono says that galleries and collectors cannot always fully respond to a request in a material and practical sense.

Other auction houses are also currently expanding the scope of their activities by introducing innovations. Last September Christie’s announced the launch of a new unit specializing in sneakers, streetwear, and sports collectibles.

Sotheby’s announced in October 2022 the creation of a digital double of its headquarters on New Bond Street in London for the demonstration and sale of permanent digital art tokens (NFT), and pieces being auctioned.

As we have reported earlier, Alibaba to Bring Tmall eCommerce Site to Europe.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.