Two different phenomena occur simultaneously:
1). Tautomerism to vic-dihydroxystilbene decreases the acidity of α-keto hydroxyl group. Thus, the yield can slightly be increased by longer reaction times. Using another base is not helpful, due to incompatibility with diethyl chlorophosphate.
2). The steric hindrance of the benzene rings dramatically decrease the yield of the reaction. Thus, the yield can slightly be increased by working at higher temperatures (e.g. 5-10oC or possibly, at room temperature) that accelerates the rotation of the C-Φ bonds. Unfortunately, very high temperatures cannot be applied to this kind of reactions.