Phillips has named Martin Wilson as the house’s new chief executive officer amid another leadership shuffle, succeeding Ed Dolman, who held the dual position of CEO and executive chairman over the last year, and is now departing from the house after ten years. Wilson previously served as Phillips’ chief legal officer.

The move coincides with the departure of Amanda Lo Iacono, the company’s deputy CEO, a position she held for only a year. Lo Iacono moved in the position just last year when Stephen Brooks, Phillip’s former CEO and an ex-Christie’s executive, left the position abruptly after just over two years with the auction house.

Lo Iacono, who was with the auction house for a total of eight years, will leave the position at the end of December 2024, to pursue outside opportunities.

Dolman will remain Executive Chairman through May 2025 before moving into a consultancy role. A veteran executive who led Phillips through a period of growth beginning in 2014, he was reinstated to combine his current role with the CEO position after Brooks left.

According to a statement, Wilson, who was also once a Christie’s executive, has been involved in facilitating major sales at the house and has ties to the collectors behind them.

The shift comes at a time when Phillips, the smallest of the three major auction houses, faces a challenging economic climate alongside Sotheby’s and Christie’s. There was an estimated 25 percent drop in auction sales between 2023 and 2024. Sotheby’s laid off over 100 employees last week as the house carried out an internal restructuring.

Dolman, who previously led Christie’s and Qatar Museums, was credited with raising Phillips’ global profile, particularly in Asia, and honing a focus on sales by emerging contemporary artists. (Phillips has not yet released its annual figures from 2024.)

“After a decade at Phillips, it is time for me to turn to new pursuits and to explore new ways of engaging in the world of art. In these ten years, I had the privilege of working with a world-class team to grow Phillips’ impact and reach with extraordinary record-breaking sales in new locations worldwide,” Dolman said in a statement.