Phillips is launching a new platform that will see the auction house partner with individual artists and sell specially created, editioned works directly to buyers. Dubbed Dropshop, the platform will offer limited edition releases of primary-market art and objects in partnership with artists, collaborators and brands.with working artists, disrupting the traditional, long-held dynamics between the primary and secondary markets,” according to a statement from Phillips.
The first artist queued up to take part is Australian born, Brooklyn-based artist Cj Hendry, famous for her hyperreal drawings and elaborate installations. She has produced a sculptural object in the form of a red crown for the first drop. Asked about the size and price points of Hendry’s drop, Lo Iacono said “Cj is doing a sculptural edition of 100, she has cheekily said to her following that the prices are between $5 and $5 million.”