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Auction house Christie’s offloads its luxury estate agency to US competitor

Luxury goods auction house titan says the business needs to be led by a property specialist so it can concentrate on its core business.

Nigel Lewis

christie's london estate agency

Luxury goods auction house titan Christie’s has offloaded its global estate agency business to a US competitor called @properties.

Christie’s International Real Estate, which has offices in London, New York and Hong Kong but a presence in most super-prime housing markets, has entered into a long-term global brand license agreement with Chicago-based @properties.

The auction house says its new strategy for its estate agency division is designed to build upon the success of the business and position it for ‘accelerated growth under the leadership of an industry expert’. The deal has yet to be fully signed off but is expected to complete on 1st December.

It will see Christie’s’ 900 estate agent affiliates, including the handful who offer UK properties, transfer to @properties along with Christie’s International Real Estate corporate team members and company-owned brokerage operations.

The new business, which will retain the name Christie’s International Real Estate, will create one of the largest residential brokerage firms in the United States and will allow for further expansion across other global markets including the UK.

ben gore christie'sBen Gore (pictured), Christie’s COO, says: “We chose to pursue this new direction for [our real estate business] for two strategic reasons; first, because @properties possesses the unique resources and capabilities to invest in expanding the Christie’s International Real Estate brand and its affiliate network both within the US and on a global scale.

“And secondly because this will enable us to focus our resources on the core priorities of our business in the art and luxury goods market.”

Read more about the London luxury market.

November 18, 2021

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