A leading global luxury real estate auction marketplace has a new home. On Nov. 17, Madison-based Realogy Holdings Corp. and Sotheby’s announced their acquisition of Concierge Auctions.
While co-founders Chad Roffers and Laura Brady, president and CEO, respectively, will remain in their positions, Realogy and Sotheby’s agreed to take a joint, 80% ownership in the target. Financial terms of the deal were not disclosed.
According to an announcement from the buyers, Concierge Auctions will operate independently. A board of managers – chaired by Sotheby’s International Realty CEO and President Philip White – will include additional executives from Sotheby’s and Realogy. Sotheby’s International Realty is a Realogy brand.
“We founded Concierge Auctions with a vision to enhance the way luxury properties are bought and sold,” Brady said 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.”
According to the acquisition announcement, in 2020 Concierge Auctions reported processing more than $3.4 billion in competitive bids, with an average home sale price of $3.5 million. This year also brought the highest price of a single-family home ever sold at auction – Concierge’s fourth world record – with the sale of Villa Passalacqua in Lake Como, Italy for $165 million. Prior records include the sales of Playa Vista Isle in Hillsboro Beach, Fla., listed at $159 million; and Walnut Place in Dallas, Texas, listed for $48.9 million.
Founded in 2008, Concierge Auctions creates predictability and liquidity for sellers in an accelerated timeframe while working with real estate agents. According to the announcement, Roffers and Brady have both worked as licensed agents and their company has never auctioned a property without partnering with a local broker.
Concierge Auctions’ tech platform also helps agents market and sell unique properties worldwide.
Realogy and Sotheby’s highlighted the growth of the luxury online auction sector in the real estate industry, particularly at the high-end.
“This investment is another sign of our growth ambition to expand our portfolio of offerings and leverage our auctions expertise in a growing sector of the real estate industry,” said Sotheby’s Chief Financial Officer Jean-Luc Berrebi.