Phillips auction house has appointed Bernd Runge, a former publisher at Condé Nast and Interview Magazine, as its new COO. Runge, who previously served as Phillips’s CEO from 2009 to 2013, returns as the house undergoes a significant shift in its leadership.
According to public filings with the UK’s corporate register, Runge, a German citizen, assumed the role at the end of last month after departing Interview Magazine. News of Runge’s appointment by Phillips was first reported in Puck’s “Wall Power” newsletter.
He led Phillips before its 2017 acquisition by Russian retailer Mercury Group. In 2018, Runge joined Mercury’s executive board but stepped down in October 2020, according to his LinkedIn profile.
Phillips Assets Limited, the holding company overseeing the auction house’s UK, European, and US locations, reported a 21 percent decline in turnover between 2022 and 2023, bringing revenue to just under £100 million. Financial losses continued to mount, rising from £17.4 million in 2021 to £30 million in 2022 and £50 million in 2023.
A director’s report, signed by Phillips’s CFO, attributed the losses to declining sales growth. Christie’s, a competitor to Phillips, also reported a downturn, with profits falling from £125 million in 2022 to £74 million in 2023. Despite this decline, Christie’s said it had sufficient capital to meet financial goals through 2024 and 2025.
Runge’s appointment follows the resignation of Ed Dolman, Phillips’s former CEO and executive chairman, who will transition to a consulting role in May 2025. Dolman, who joined Phillips in 2014 and became executive chairman in 2021, said he had plans to remain in the arts, but has not disclosed any details related to future projects. Amanda Lo Iacono, Phillips’s deputy chief executive, also stepped down after eight years with the company.
A Phillips spokesperson declined to comment on the leadership changes or Runge’s appointment.
