Fine art and luxury auction leader Sotheby’s, together with Realogy Holdings Corp., have jointly announced the acquisition of Concierge Auctions, the leading global luxury real estate auction marketplace.
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 CEO, respectively.
Financial terms were not disclosed.
“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,” Ryan Schneider, Realogy CEO and president, said in a prepared statement.
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.
Concierge Auctions said it 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.
Stifel served as financial adviser to Concierge Auctions, and Locke Lord LLP served as its legal adviser.
