Sotheby’s International Realty Network Reports Significant Gains for 2014

Sotheby’s International Realty Affiliates LLC today reported that in 2014 its affiliated brokers and sales professionals achieved $70 billion in U.S. home sale transaction volume (transaction sides multiplied by average sale price). This is the highest sales volume performance in the history of the brand’s franchise system, and marks a 17% increase from the prior year. Driven largely by an 11 percent gain in transaction sides, the growth experienced by Sotheby’s International Realty far outpaced the overall U.S. housing market as compared to the one percent increase in sales volume and a three percent decrease in home sales reported by the National Association of Realtors®.

Global Growth

The Sotheby’s International Realty brand also reported growth in its global network, which now encompasses 60 countries and territories worldwide. At year-end, the network totaled approximately 760 offices, a gain of 8.5 percent, and more than 16,570 sales associates, up 14 percent.

“The Sotheby’s International Realty network grew substantially in 2014,” said Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC.  “The luxury sector continues to outperform the overall market, which reflects the value consumers see in high-end real estate to grow their wealth, as well as the increasing level of international buyers in key luxury markets.”

Outside the United States, the Sotheby’s International Realty brand expanded its network in 2014 to provide its real estate services in: Belgium, Beijing, Belize, the Canary Islands, Luxembourg, India, Hainan, St. Martin, Poland and St. Moritz.  The Sotheby’s International Realty brand also added 13 new residential real estate firms and 45 net new offices to its network across the United States, including the following markets: Houston, Texas; Steamboat Springs, Colo.; Santa Rosa Beach, Fla.; Sunset, S.C.; Richmond, Va.; Marblehead, Mass.; Wilmington and Topsail Island, N.C.; Kailua, Hawaii; Woodinville, Wash.; Malibu, Calif.; Lancaster, Pa.; Brookline and Jamaica Plain, Mass.; and Pleasanton, Calif.

In 2015 and for the eighth year in a row, the Sotheby’s International Realty brand won Franchise Business Review’s Best in Category for Real Estate Franchisee Satisfaction award.  In addition to its real estate ranking, the brand in 2015 moved to first in the overall top 50 from fourth in 2014, and first among the Top 50 “Systems with 250 or more units,” up from third in 2014.

Last year also marked the launch of the Sotheby’s International Realty Global Referral system, which was designed to streamline the transfer of referrals electronically within the brand’s worldwide network.  The Global Referral system, which the brand developed with Immobel, allows Sotheby’s International Realty network members to assign referrals, manage them through closing and run detailed reports.  The system also features language translation and currency conversion.

Canary Islands2.300.000 € EUR | Canary Islands | Canary Islands Sotheby’s International Realty

Marketing

From a marketing perspective, the brand’s 2014 campaign delivered more than 800 million impressions.  At the core of the Sotheby’s International Realty 2014 strategy was its relationships with pre-eminent media powerhouses in both the print and online arenas including: The New York Times, The Wall Street Journal, The Telegraph Media Group, Google, Architectural Digest, Bloomberg.com, the Hong Kong Tatler and the Financial Times, developed to showcase unique properties from the brand’s worldwide network.

In 2014 the brand also launched “Extraordinary AnglesSM,” a lifestyle video series showcasing unique properties and lifestyles from around the world.  Each three to five minute “webisode” takes viewers on inspiring tours through some of the finest properties represented by the Sotheby’s International Realty brand in the world’s most distinct locations.  The series is available on the brand’s website by clicking here.

Sotheby’s International Realty listings are marketed on the sothebysrealty.com global website.  In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and their clients benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs.  Each office is independently owned and operated.

Sotheby’s International Realty Brand Expands Presence in Italy

Appartamento via dell'Anima.Sotheby’s International Realty Affiliates LLC today announced its luxury real estate services will be available in Rome with the opening of Rome Sotheby’s International Realty.

Lodovico and Clemente Pignatti Morano will own and manage Rome Sotheby’s International Realty.  They also are managing partners of Milan, Lake Como and Tuscany Sotheby’s International Realty. The Sotheby’s International Realty® brand is represented in Venice by Venice Sotheby’s International Realty, which is owned and managed by Ann-Marie Doyle.

“Our expansion across Italycontinues our commitment to providing access to the Sotheby’s International Realty network’s exclusive real estate services in key citiesaround the world,” said Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC.  “Rome Sotheby’s International Realty enhances our presence in Europe, and provides a strong footprint in one of the most beautiful and historic cities in the world .”

“Rome, the eternal city, has been attracting visitors for two millennia but it is still one of the most exhilarating and romantic destinations in the world,” says Lodovico Pignatti Morano. “The Rome real estate market represents a strong opportunity in Italy in terms of sales and rentals for properties, and we are thrilled to represent the Sotheby’s International Realty brand in such an important location.”

Rome Sotheby’s International Realty offers its international and local clientele a wide selection of luxury properties in Rome and the surrounding areas. Located inside the renowned Palazzo Odescalchi, whose facade was originally designed by Gian Lorenzo Bernini in 1665, the office is conveniently positioned and caters to individual client needs with a multi-lingual staff.

“Despite the economic crisis that hit the Italian real estate market over the last few years, property prices in many neighborhoods did not fall, especially in the historic center, where there are apartments and penthouses for sale with antique features including frescos and vaulted ceilings,” said Diletta Giorgolo Spinola, head of sales for Rome Sotheby’s International Realty.  “Apartments with views on the picturesque squares and renowned fountains are the most sought-after. In other residential areas such as the Parioli, prices fell and it is now possible to find exciting deals.”

The Sotheby’s International Realty network currently has over 16,400 sales associates located in approximately 730 offices in 56 countries and territories worldwide.  Rome Sotheby’s International Realty listings are marketed on the sothebysrealty.com global website.  In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and their clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs.  Each office is independently owned and operated.

Explore Luxury Real Estate in Rome >

The Global Luxury Residential Real Estate Report 2015

Nearly US$3 trillion of the world’s private wealth is held in owner-occupied residential properties, a value greater than the GDP of India, a new report by Wealth-X and the Sotheby’s International Realty® brand released today showed.

There are 211,275 ultra high net worth (UHNW) individuals – defined as those with US$30 million and above in net assets – in the world and 79% of them own two or more residences.

Some of the main hubs for luxury residential real estate are New York City, London and Hong Kong, but niche locations – such as Lugano, the Hamptons outside New York City, and rural areas around the world – are gaining in popularity.

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The Wealth-X and Sotheby’s International Realty Global Luxury Residential Real Estate Report forecasts that the ongoing shift in the wealth creation cycle from the West to the East, and the growing significance of intergenerational wealth transfers will have significant consequences on the luxury residential real estate market – with a noted emphasis on new developments and a change in investment grade cities.

Below are other key findings from the inaugural report:

  • The value of UHNW-owned residential real estate assets increased by 8% globally in 2014.
  • On average, UHNW individuals own 2.7 owner-occupied residences.
  • As of 2014, over 7% of the world’s UHNW population made their wealth through real estate, up from 5% in 2013.
  • Ultra affluent women value real estate assets more than their male counterparts, holding 16% of the net worth in such assets, on average, compared to less than 10% for men.
  • Luxury residential real estate is an asset class typically favored by UHNW individuals with inherited wealth: these individuals hold 17% of their net worth in such assets, compared to just under 9% for self-made UHNW individuals.
  • UHNW individuals with net worth between US$30 million and US$50 million typically keep their primary residences for over 15 years and their secondary residences for over 10 years.
  • Billionaires change one of their four properties, on average, once every three years.
  • Secondary residences are typically 45% more valuable than primary residences; twice the square footage and have 10 acres of land.
  • At 83%, Monaco has the highest density of foreign-owned UHNW residences.
  • Over 6% of the world’s UHNW population have relocated their primary residence to a different country from which they were born – these individuals often keep a secondary residence in their home countries, and India is the leading country in this respect.

WealthX1 WealthX2

The Wealth-X and Sotheby’s International Realty Global Luxury Residential Real Estate Report 2015, which looks at trends in the UHNW population’s appetite for luxury residential real estate across the world, identifies specific attitudes, behaviors and locations that matter to this industry and this wealth segment.

Wealth-X President David Friedman commented: “Wealth-X is pleased to partner with the Sotheby’s International Realty brand for this inaugural report, which underscores Wealth-X’s commitment to conducting groundbreaking research on the world’s ultra high net worth (UHNW) population. Expert commentary from the Sotheby’s International Realty team complements Wealth-X’s global intelligence on the world’s UHNW population, producing a report that demonstrates a true collaboration between the world’s leading UHNW intelligence provider and the global leader in luxury residential real estate. Luxury residential property is a core component to the anatomy of the ultra affluent at the intersection of their lifestyle and investment.”

“We are proud to partner with Wealth-X to provide valuable insights into today’s luxury real estate market and the buying behaviors of the ultra high net worth consumer,” said Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC.  “We believe that a solid investment in real estate is one of the single best factors for building long-term wealth, and that many of today’s ultra high net worth consumers would agree.”

Download the report >

‘Best in Category’ for Eighth Consecutive Year in Franchise Business Review’s Franchisee Satisfaction Awards

Sotheby’s International Realty Affiliates LLC today announced it won Franchise Business Review’s Best in Category for Real Estate Franchisee Satisfaction award for the eighth year in a row.

The Best in Category award measures franchisee satisfaction with their franchisors and is part of the 10th annual Franchisee Satisfaction Awards presented by Franchise Business Review.  In addition to its real estate ranking, the Sotheby’s International Realty® brand also came in first in the overall top 50 and first among the Top 50 “Systems with 250 or more units,” which is a ranking of all franchise systems across all categories with more than 250 locations.

“We are so proud to not only receive this distinction for the eighth year in a row but to also move from third to first in the systems with 250 or more units ranking, and from fourth to first in the overall top 50 ranking,” said Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC. “This award essentially is our report card from our network, and we are so pleased that they hold us in such high esteem.”

Franchise Business Review surveyed more than 28,000 franchisees from more than 350 leading systems for the annual Franchisee Satisfaction Awards.  Franchises were evaluated in five areas: training and support, franchise system, franchisor/franchisee relations, financial opportunity and overall satisfaction. Additionally, demographic and lifestyle questions gave a 360-degree view of the franchise ownership experience.  Franchise Business Review is a national franchise market research firm that performs independent surveys of franchisee satisfaction and franchise buyer experiences. For a complete list of this year’s award winners, go to www.FBR50.com.

“The Sotheby’s International Realty brand has been ranked number one in Real Estate for eight years running,” said Franchise Business Review president Michelle Rowan. “The brand’s continuous efforts to find ways to strengthen the brand and relationship with its franchise partners won it the honor of being ranked number one overall on our list of 200 brands with the strongest validation from their franchisees this year.”

The Sotheby’s International Realty network currently has over 16,400 sales associates located in approximately 730 offices in 56 countries and territories worldwide.  Sotheby’s International Realty listings are marketed on the sothebysrealty.com global website.  In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and their clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs.  Each office is independently owned and operated.

Sotheby’s International Realty Brand Expands Presence in Vermont and New Hampshire

enfld-034Sotheby’s International Realty Affiliates LLC today announced the merger of Lang McLaughry Real Estate, which has 15 offices throughout Vermont and New Hampshire, and Four Seasons Sotheby’s International Realty, which has three offices in New Hampshire. The combined company will be operating as Four Seasons Sotheby’s International Realty.

Simultaneous with this transaction, the combined company has acquired Vermont Country Properties Sotheby’s International Realty, which has five offices across Vermont.  A total of 22 offices across Vermont and New Hampshire now will operate as Four Seasons Sotheby’s International Realty.

“Lang McLaughry was established in 1959, bringing an established reputation built over 56 years for service and excellence in the community, and Four Seasons and Vermont Country Properties are both highly respected companies with a similar focus on service excellence.” said Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC. “We are proud to welcome them to the Sotheby’s International Realty global network.”

Staige Davis will serve as chief executive officer of Four Seasons Sotheby’s International Realty with Buff McLaughry serving as chief operating officer.  Stephanie Wheeler and Pam Perkins are co-owners of the newly combined entity.

“Our goal for nearly six decades has been to provide superior, innovative real estate services to buyers and sellers,” said Davis, formerly chief executive officer of Lang McLaughry.  “We are proud to join the Sotheby’s International Realty worldwide network, which we feel has the best marketing resources available in real estate and a reputation for extraordinary service and consistency. Bringing our companies together enables us to continue to pursue our visions of excellence and innovation in how we service our local communities, while being part of a strong global real estate network.  Four Seasons Sotheby’s International Realty opened its first office more than 100 years ago, affiliating with the Sotheby’s International Realty brand in 2009.  We are so pleased to unite with that rich and deep history.”

The Sotheby’s International Realty network currently has over 16,400 sales associates located in approximately 730 offices in 56 countries and territories worldwide.  Four Seasons Sotheby’s International Realty listings are marketed on the sothebysrealty.com global website.  In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs.  Each office is independently owned and operated.

Search Luxury Real Estate in Vermont and New Hampshire >

Winter 2015 RESIDE Magazine

The Winter 2015 Mountain Edition of RESIDE® magazine has arrived! Read our featured article, Escaping to Work below. 

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From the pages of RESIDE® | Luxury Homes and Lifestyles Around the World | Winter 2015 Mountain Edition

In bygone eras, secondary estates were built so the privileged could ride out harsh industrial winters in the comfort of balmy southern climates—think of the tycoons of Palm Beach, or the barons of Provence. Today’s business leaders may have the same instinct, but whereas the leisure classes of yore could retreat peacefully for months at a time, such extended departures no longer exist.

Working in the digital age means never being more than one or two bars of reception away from duty, even in the midst of escape. Simply unplugging is not an option. “We don’t have situations where people take even one or two weeks off and drop their business,” says Pat Donovan, Broker/Owner Glacier Sotheby’s International Realty in Whitefish, Montana. “They have to be able to work from their vacation home.”

Telluride$22,000, 000 USD | Telluride, Colorado | Telluride Sotheby’s International Realty

Modern buyers are now as likely to head west as south, into the splendor of the Rocky Mountain region for scenery, tranquility and year-round entertainment. At the same time they need to stay connected, and homes and markets here must be designed to facilitate working remotely.

Luxury homes fitted with high speed internet, Wi-Fi and extended cellular and satellite service are mandatory, says Donna Clinton, Broker and COO of Jackson Hole Sotheby’s International Realty. “Executives want to make sure they’re accessible wherever they are in the valley,” she says, “so that’s never an issue here.”

Some form of workspace carved out—a dedicated office or elaborate “central command”—is also standard. Andrew Ernemann, Broker Associate at Aspen Snowmass Sotheby’s International Realty, says these can include multiple oversized flat screens and state-of-the-art computer and telecom networks. “We see some pretty advanced set-ups here. You sometimes wonder if you’re in someone’s residence or in a high tech office somewhere.”

Montana$3,000,000 USD | Whitefish, Montana | Glacier Sotheby’s International Realty

In Whitefish, Pat Donovan has noticed executives are more apt to invite clients to their mountain retreats than travel away. The family home therefore doubles as a business and entertainment venue, and social spaces and overnight accommodations are important. “Homes need to have four beds and four baths, but those guest bedrooms also have to function as separate master suites. They can’t just be kids bunk rooms.”

A final factor integrating work and leisure is transportation. With more major airlines servicing these mountain markets, getting in and out has never been easier. Another trend to watch is the development of fly-in communities like The Refuge at Alpine Air Ranch in Star Valley, south of Jackson Hole. Private hangers linked to the central runway are included with each lot, so owners can maneuver their aircraft straight into their own “garage” after landing. Connectivity doesn’t get more direct than this.

Article provided by Derek Duncan exclusively for Sotheby’s International Realty®.

Altitude with Attitude | Dramatic Mountain Homes

The first edition of Art & Home is here, a new literary collaboration between Sotheby’s and Sotheby’s International Realty, showcasing all the elements of an extraordinary life. Eight times a year, it will engage readers with sophisticated content and beautiful images related to the art and real estate worlds. See below for the first Sotheby’s International Realty featured article, Altitude with Attitude.

Art_and_HomeArt & Home January-February 2015

Not long ago, modern mountain architecture was an aberration. Today, it’s a movement. Alpine architects are now in the rules-breaking business. They’re importing exotic materials and innovative ideas from around the world for a mile-high mash-up of contemporary design and modern sensibilities.

Refined is the new rustic.

Shed roofs are replacing complicated gables. Floating stairs are nudging out log staircases. Mini-skyscrapers are rising on mountaintops.

Edwards$7,995,000 USD | Edwards, Colorado | Ascent Sotheby’s International Realty

Modern mountain design encourages homeowners to toss aside notions of what a resort residence should be and redefine the vacation home experience. Advances in materials, construction techniques and engineering allow for more stylistic choices and greater personal expression in the most challenging locations and elevations. Those technical advances have also facilitated an important shift. Mountain residences no longer need be built as protective shelters against harsh environments. They can be inviting light-filled spaces animated by sun and brilliant vistas.

Imported materials, progressive designs and artisan crews come at a price, which is why avant garde architecture is typically found at the highest end of the market. “When you’re willing to pay $3,000 a square foot, that opens the door for craftsmanship and quality,” says Tye Stockton of Ascent Sotheby’s International Realty in Vail, Colo. “Affluent buyers are less concerned about budget and more concerned about the emotional feelings that gets stirred in them.”

FrancePrice Upon Request | Megeve, France | Propriétés de Megève Sotheby’s International Realty

Stockton is putting the finishing touches on his own modern mountain estate, one that hints at industrial design with steel I-beams and rolled steel decorative panels warmed up with imported reclaimed woods. The kitchen is sleek with stealth appliances and poured concrete countertops. Glass is one of modern architecture’s most fundamental materials, and Stockton employs it as a showstopper. A 10-foot-tall sliding glass wall system opens onto a quintessential Rocky Mountain panorama of jagged peaks and waterfalls. “In traditional mountain homes, solid walls are for hanging art. With modern, there’s expansive glass and the exterior is your art,” he says. “It’s magical.”

Modern is also unpredictable. And therein lies its seduction. “The more chances you take, the more creative the work,” says Stockton, “and the more exciting it is.”

Article provided by Iyna Caruso exclusively for Art & Home.

Access the digital version of Art & Home here >

Sotheby’s International Realty Brand Expands Presence in Switzerland

St_Moritz_MuottasSotheby’s International Realty Affiliates LLC today announced its luxury real estate services will be available throughout the canton of Grison through an office in St. Moritz, Switzerland, operating as St. Moritz Sotheby’s International Realty.

Gianluca Righetti, who currently owns the Tessin, Lugano, Locarno and Ascona markets through Fontana Sotheby’s International Realty, is an owner and will manage the new firm.  The Sotheby’s International Realty® brand also is represented in other locations across Switzerland by Cardis Sotheby’s International Realty, which has offices in Lausanne, Montreux, Vevey, Nyon and Geneva.

“The Sotheby’s International Realty brand’s expansion across Switzerland continues our commitment to providing access to the brand’s network and exclusive real estate services in key countries around the world,” said Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC.  “This affiliation, which strengthens our presence in Europe, offers  entrance into this famous and attractive lifestyle-focused Swiss market. We are very pleased that our global clientele now will have access to the brand’s services in this beautiful part of the world.  St. Moritz is one of only three locations to host the Winter Olympics twice, in 1928 and 1948, and remains a destination for world ski championships.”

According to Righetti, St. Moritz is a world-renowned mountain resort.  “Since the early 1950s St. Moritz has been an important destination for many personalities from the world of entertainment, sports and politics,” he said.  “It is the perfect location for owners of chalets and apartments coming from all over the world to benefit from 300 days of sunshine, long summers and sporty winters.  The St. Moritz luxury real estate market is one of the highest priced in the world, with the percentage of secondary residences very high and no existing major international real estate agency in the marketplace. Therefore, we believe this presents a great opportunity that will give us a strong position in the market.”

The Sotheby’s International Realty network currently has over 16,400 sales associates located in approximately 730 offices in 56 countries and territories worldwide.  St.Moritz Sotheby’s International Realty listings are marketed on the sothebysrealty.com global website.  In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and their clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs.  Each office is independently owned and operated.

Sotheby’s International Realty Brand Enters Poland

widok emilia 1800x1200Sotheby’s International Realty Affiliates LLC today announced that leading Polish real estate firm Park House in Warsaw has joined its luxury real estate network and now will operate as Poland Sotheby’s International Realty.

The firm is managed by Arkadiusz Wojciechowski and Piotr Śliwka, who signed an exclusive 25-year master franchise agreement to develop the Sotheby’s International Realty® brand throughout Poland including the luxury residential real estate markets in Warsaw, Crocow, Wroclaw, Poznan and Lodz.

“Expansion across Europe continues our commitment to providing access to the Sotheby’s International Realty network’s exclusive real estate services in key cities around the world,” said Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC.  “This affiliation, which strengthens the brand’s presence in Europe, offers entrance into the famous capital city of Warsaw.  I was proud to attend the Warsaw launch of Poland Sotheby’s International Realty in person, and am delighted that a global clientele will now have access to the brand in this historic part of the world.”

According to Wojciechowski, the firm was created to fulfill the needs of highly discerning clients searching for extraordinary real estate and requiring a high quality of service. “It is vitally important for our team to ensure that we understand our clients’ needs and to deliver efficient and personalized services with professionalism and confidentiality,” he said.  “The Polish real estate market is unique in that it is focused on a number of key cities with an array of high-end apartments and luxury developments, as well as spacious residences in the surrounding popular suburban towns and villages. Now with the support of the Sotheby’s International Realty brand we can bring Poland’s extraordinary and unique properties to the far-reaching corners of the world.”

The Sotheby’s International Realty network currently has over 15,000 sales associates located in approximately 720 offices in 52 countries and territories worldwide.  Poland Sotheby’s International Realty listings will be marketed on the sothebysrealty.com global website.  In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs.  Each office is independently owned and operated.

Search Luxury Property in Poland >

Sotheby’s International Realty Brand to Enter St. Martin

St MartinSotheby’s International Realty Affiliates LLC today announced Pierres Caraibes in St. Martin has joined the Sotheby’s International Realty® brand and now will do business as St. Martin Sotheby’s International Realty.

The firm, which is owned by Lesley Reed, is located at Plaza Caraibes Bat A BP 144 Rue Kennedy, Marigot and 48 Rhine Road, Cupecoy, and is expected to open in November.

“St. Martin is a unique territory, with two countries, three currencies, three official languages and a multitude of cultures that spread over the 34 square miles of the island,” said Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC. “This Caribbean gem is outlined by sandy beaches, hillside valleys and a steady tropical climate. We are proud to welcome Lesley Reed and her team to our network, combining the rich history of our brand with their experience of more than 26 years in the local luxury market.”

According to Reed, she looks forward to the worldwide reach the Sotheby’s International Realty brand offers. “We are thrilled to become part of the Sotheby’s International Realty brand’s exceptional global reach,” she said. “Our mission is to provide a customer experience dictated by our professionalism and commitment to quality. It is company standard to keep our customers’ interest in all decisions and we pride ourselves on the reputation we have built since 1999.”

The Sotheby’s International Realty network currently has more than 15,000 independent sales associates located in approximately 720 offices in 52 countries and territories worldwide. St. Martin Sotheby’s International Realty listings are marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs. Each office is independently owned and operated.