Auction house Christie’s is selling its Christie’s International Real Estate business to real estate brokerage and technology firm @properties.
As part of the sale Christie’s said it would enter into a long-term global brand license agreement with the company. The deal is expected to close on 1 December.
Under the terms of the agreement, Christie’s existing global network of approximately 900 affiliate real estate offices will transfer to @properties along with Christie’s International Real Estate corporate team members and company-owned brokerage operations.
Christie’s said the new business, which will retain the name Christie’s International real estate, would create one of the largest residential brokerage firms in the United States and allow for further expansion across other global markets.
Ben Gore, Christie’s chief operating officer, said: “@properties is one of the largest US luxury real estate companies by sales volume and a clear leader in the field. We chose to pursue this new direction for Christie’s International Real Estate 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 second, because this will enable Christie’s to focus our resources on the core priorities of our business in the art and luxury goods market.”
Thad Wong, co-chief executive and co-founder of @properties, said the deal would create “the only brokerage firm in the world that can offer affiliates, agents and clients a fully integrated tech solution behind 250-plus years of luxury service and experience”.
@properties is backed by private equity firm Quad-C Management.
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