Concierge Auctions reviews below the next phase of company growth, a merging partnership with Sotheby’s and Anywhere Real Estate, Inc. Concierge Auctions reviews and auctions luxury properties, as the largest marketplace for high-end homes, with a comprehensive industry database. Concierge Auctions has sold billions of dollars of luxury homes at auction, and now with the merger, is looking forward to even more growth, globally. Discussed below are the details behind the merger and what it means moving forward.
Following a shift toward online realty, Sotheby’s has joined forces with Anywhere Real Estate, Inc to purchase majority shares in Concierge Auctions—a leading luxury home auction marketplace. The two companies will oversee a joint 80% share of the auction house, leaving its two founding creators—Laura Brady and Chad Roffers—in place as the Chief Executive Officer and President.
This merger and subsequent buyout signal a major shift for Sotheby’s as it moves deeper into the luxury online auctions market. Together, Concierge Auctions reports that, in joining forces with Sotheby’s, preparations for a slate of high-value homes located around the world, have begun, and will come under the gavel in mid-September 2022. Below, Concierge Auctions explains how Sotheby’s has arrived at this point and discuss what it will mean for the leading auction house.
Sotheby’s Entrance into Online Auctions Comes of Age
Founded in 1744 by Samuel Baker—an auctioneer from London—Sotheby’s is one of the world’s oldest and largest auction houses. Throughout its nearly two centuries of business, it’s made a name for itself as a leading vendor of rare books, jewelry, artworks, and now properties. Given its age and long history, though, Sotheby’s transition into the digital world has been relatively slow.
The company first launched its online auction site in 1999 and, over the next 15 years, little changed. Then, in 2014, Sotheby’s teamed up with eBay to stream high-end auctions for the first time in its history. The company had been going through a transition period, keeping up with competing auction house, Christie’s. Yet, its decision to stream auctions online set a new standard for future success.
In the days since—particularly during the COVID-19 pandemic—Sotheby’s proved that live online auctions can be just as profitable in the modern age, if not more so. Now, the company is banking on recent shifts away from in-person real estate and plans to introduce nearly $200 million worth of luxury homes online through a partnership with Concierge Auctions.
Anywhere Real Estate, Inc and Sotheby’s Bring Large-Scale Reach to a Leading Luxury Home Broker
Concierge Auctions explains that Anywhere Real Estate, Inc, one of the world’s largest real estate companies, with a network of over 300,000 agents and brokers worldwide the merger with Sotheby’s made sense. Its vast array of real estate services includes helping people buy, sell, and rent homes. The company has also been a major player in the development of online tools and resources for agents and brokers, as well as homebuyers and sellers.
The number of high-profile acquisitions, including ZipRealty, a leading national real estate brokerage, and TREND MLS, one of the largest multiple listing services in the United States, has solidified Anywhere’s position as a powerful player in the real estate industry.
Together, with Sotheby’s existing online auction infrastructure, the two companies will provide possibly the largest and most successful online database of available luxury homes around the world.
Concierge Auctions Reviews What’s Next
Concierge Auctions reports that the merger is a sign that Sotheby’s is serious about its future in the luxury online auctions market. Although the company has been careful to not speculate on future outcomes, it’s clear that Sotheby’s is committed to its new online ventures.
For now, the company is focused on its upcoming slate of luxury home auctions, which will take place in mid-September. These will be the first auctions of their kind for Sotheby’s and, given the current state of the real estate market, they will likely set the standard for future online auctions.
The list of upcoming sales includes several luxury villas and resorts located in Thailand and Mexico, a mountain chalet in Switzerland, as well as several sprawling mansions and estates located throughout the United States. Several of these homes are valued below $10 million, although a handful of listings have reached estimates as high as $18 million.
Fortunately for buyers, though, most of these properties have been listed without reserves, allowing anyone to place a bid. Sales will begin in early September and continue on through the end of the year.
The Concierge Auctions reviews the merger is a sign that Sotheby’s is committed to its future in the luxury online auction market. With the help of Anywhere Real Estate, Inc, the company has access to an unprecedented number of high-value homes around the world. These upcoming auctions will set the standard for future sales and given the current state of the real estate market, they are sure to be a success.