Phillips, looking back on a record 2021 in which it sold $1.2 billion worth of luxury goods worldwide—up 32 percent from 2019, and hitting the billion-dollar mark for the first time ever—is now eyeing a major expansion in Hong Kong.

Phillips said global auction sales have gone up by 35 percent to $993.3 million compared to 2019’s $736 million. Private sales, meanwhile, accounted for $208.2 million, up 21 percent from 2019’s $171.8 million. The company also said it had a 91 percent sell-through rate across all sales, with half of its buyers being new to the auction house.

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Photo: Rendering of Phillips’ new Asia headquarters in the WKCDA Tower in West Kowloon Cultural District, Hong Kong. Courtesy of Phillips.