Sotheby’s and Realogy are joining forces to acquire Concierge Auctions, according to a jointly issued press release. Under the terms of the agreement, Sotheby’s and Realogy will take an 80 percent ownership stake in the home auction company.
Concierge Auctions co-founders Chad Roffers and Laura Brady will remain President and Chief Executive Officer, respectively.
In 2020, Concierge Auctions reported processing more than $3.4 billion in competitive bids with an average home sale price of $3.5 million. Just 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, at one time listed for $165 million, which sold for $60 million this past Spring.
“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,” said Ryan Schneider, Realogy Chief Executive Officer and President. “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.”
Financial terms of the acquisition were not disclosed.