We examine the phase evolution of a Bose-Einstein condensate of photons generated in a dye microcavity by temporal interference with a phase reference. The photoexcitable dye molecules constitute a reservoir of variable size for the condensate particles, allowing for grand canonical statistics with photon bunching, as in a lamptype source. We directly observe phase jumps of the condensate associated with the large statistical number fluctuations and find a separation of correlation timescales.For large systems, our data reveals phase coherence and a spontaneously broken symmetry, despite the statistical fluctuations.At the heart of Bose-Einstein condensation, the phase transition of a cold and dense gas of integer spin (bosonic) particles to a macroscopically populated ground state, is its phase coherence [1,2]. While for a thermal, incoherent ensemble each particle evolves individually, in a Bose-Einstein condensate the macroscopic ground state occupation leads to the whole condensate acting as a single, giant quantum wave. Each individual measurement will then yield a fixed, though random phase, as expected from spontaneous symmetry breaking [3,4,33]. The macroscopic phase of Bose-Einstein condensates has been verified in interference experiments with ultracold atomic gases [6]. For condensates of polaritons, mixed states of matter and light, polarization symmetry breaking was reported [7,8], while polariton arrays have shown phase locking [9]. Further, spatial coherence has been reported for equilibrium photon condensates [10], and also in a nonequilibrium regime [11]. Both atomic and polariton condensates are usually assumed to emit a single wave train of constant amplitude [1,12].They operate with an essentially fixed number of particles, corresponding to a description in the microcanonical or canonical ensemble limit. Such sources have both first and second-order * Present address: Institute for Quantum Electronics, ETH Zürich, Auguste-Piccard-Hof 1, 8093 Zürich, Switzerland arXiv:1512.07148v1 [cond-mat.quant-gas]