Phillips' exhibition sale takes place after three major exhibitions of Indigenous and Native art and the selection of Jeffrey Gibson for the Venice Biennale.

The contraction also follows a similar pattern seen at Christie's last year.

In October, Phillips board of directors recommended against paying a dividend to investors.

It's a sharp drop from last year.

Private sales took a tumble, decreasing by 72 percent compared to the same period last year.

"Blue-chip" and "self-represented" artists are being vetted for future sales on the platform.

Here's what we're reading this morning.

At least 15 staffers have lost their jobs at Sotheby's and Phillips is consolidating its West Coast offices.

The word "pass" was heard many times during a sale that generally lacked momentum.

Hours after the latest edition of Frieze New York opened to VIPs Wednesday, Phillips staged an evening sale dedicated to art from the 20th century to today that brought in a total of…