Realogy and Sotheby’s partner to acquire Concierge Auctions

Realogy and Sotheby’s partner to acquire Concierge Auctions Realogy and the luxury auction house Sotheby’s, with which it has a long-term license for use in its Sotheby’s International Realty brand, partnered to purchase and 80 percent stake in luxury real estate auction marketplace Concierge Auctions. Founded in 2008, Concierge Auctions reported it fielded over $3.4 billion in luxury home bids in 2020 with the average home selling on its platform for $3.5 million. Auctions have always remained a fringe way to buy and sell real estate, but with the nation’s largest real estate enterprise jumping into the fray, they may become more common. As the big companies navigate and increasingly competitive market, differentiations like these emerge as a way to gain an edge. We expect to see innovative moves like this from other large brokerages.