Sotheby’s and Realogy Holdings Corp. recently acquired Concierge Auctions, a global luxury real estate auction marketplace. Under the terms of the agreement, Sotheby’s and Realogy will take a joint 80% ownership stake in Concierge Auctions, while company co-founders Chad Roffers and Laura Brady will remain president and chief executive officer, respectively.
Concierge Auctions will operate independently, continuing to partner with real estate agents affiliated with many of the industry’s leading brokerages to host luxury online auctions for clients. A newly formed Board of Managers will be made up of Sotheby’s and Realogy executives and chaired by Philip White, CEO and president of Sotheby’s International Realty, a Realogy brand. Financial terms were not disclosed.
“Realogy is the market leader in luxury real estate, an area in which we continue to strategically invest to drive future growth,” said Ryan Schneider, Realogy chief executive officer and president, in a statement. “As demand for luxury real estate auctions increases, we believe Realogy and Sotheby’s can jointly bring powerful data and network scale to Concierge Auctions, a valuable tool for real estate agents helping clients expertly navigate the global high-end property market. Laura and Chad have expanded how agents and clients can sell and buy a home, and I look forward to what we can now achieve, together.”
“Since 2004, Realogy has had a very successful relationship with Sotheby’s as the operator and steward of the Sotheby’s International Realty brand,” said Philip White, Sotheby’s International Realty CEO and president and newly appointed chairman of Concierge Auctions, in a statement. “Just as the power of Sotheby’s and Realogy has fueled the tremendous growth of Sotheby’s International Realty, we are excited for what this new partnership can bring to Concierge Auctions as Laura and Chad grow their lead in the luxury real estate auctions sector while keeping the agent at the center.”
“I look forward to deepening our long-standing and successful partnership with Realogy as we work with Concierge Auctions to develop the luxury real estate auction market further,” said Charles F. Stewart, Sotheby’s CEO, in a statement. “As leaders in digital innovation and fine art and luxury auctions, this partnership is another exciting way to bring Sotheby’s expertise for the benefit of our current and future clients.”
Concierge Auctions, founded in 2008, creates predictability and liquidity for sellers in an accelerated time frame and is designed to work with real estate agents as trusted advisors, not disintermediate them, stated the companies, adding that co-founders Roffers and Brady have both served as licensed real estate agents, and the company has never auctioned a property without working in partnership with a local real estate broker.
In 2020, Concierge Auctions reported processing more than $3.4 billion in competitive bids with an average home sell price of $3.5 million. This year, the company broke its fourth world record for highest price of a single-family home ever sold at auction with the sale of Villa Firenze, listed for sale at $165 million. Prior world records have included the sale of Villa Passalacqua in Lake Como, Italy (listed for €100 million); Playa Vista Isle in Hillsboro Beach, Florida (listed for $159 million); and Walnut Place in Dallas, Texas (listed for $48.9 million).
“We founded Concierge Auctions with a vision to enhance the way luxury properties are bought and sold,” said Brady in a statement. “Thirteen years and billions in sales later, we are the largest auction marketplace for high-end homes, have one of the most comprehensive databases in the industry, and are active in 30 countries and 44 U.S. states. We couldn’t imagine better partners than Sotheby’s and Realogy for our next phase of growth.”
“This joint partnership presents a unique opportunity to benefit from two of the most established and renowned companies in the industries that we serve—real estate and auction—and to be part of an even greater vision,” said Roffers. “We look forward to helping more clients than ever before sell their one-of-a-kind real estate assets to the world’s most capable buyers, with speed and certainty.”
For more information, please visit www.realogy.com.
