Montecito Sotheby’s Branch Attends London Art Sale

Presence Allows Brokerage to Show Off High-Scale S.B. Properties

Sotheby’s Montecito brokerage recently announced that it sponsored a private preview and cocktail reception at the company’s London auction house for a Russian art sale. The sale, held over two days, realized an estimated $35,262,163, and set five new artist records.

Founded in 1976 as a real estate service for clients of its London-based auction house, Sotheby’s maintains brokerage offices in key metropolitan and resort markets, such as the Hamptons, Palm Beach, and Beverly Hills. It is a part of NRT LLC—the nation’s largest residential real estate brokerage company, and its network is designed to “connect the finest independent real estate companies to the most prestigious clientele in the world,” the company Web site states.

At the most recent London auction, Montecito property listings were on display throughout, though not open to bid.

Montecito representative Frank Abatemarco was in attendance, and explained the significance and potential gains to result from the branch’s presence at the auction. “Our attendance at this event allows us to showcase our fine listings among this critical and qualified audience of potential buyers and sellers. Because it was a very broad auction, it attracted a lot of people throughout Europe,” he said.

Due to the dollar’s drop in value and generally high property costs in the top tier of living across Europe, Montecito properties are more appealing than ever for the international upper class.

“Two things are evident to me: on a global scale Montecito prices are very attractive. I think it is just a matter of time before we see people from Europe gain interest here,” Abatemarco went on to say. “I don’t think it’s so much the price adjustments [in Montecito], I think it’s more a reflection of the prices of things are selling for in Europe. I think they have always been attractive, and I think they are more attractive now because of the prices and the currency.”

Information regarding the number of properties displayed and buyer interest thus far has yet to be released.

To submit a comment on this article, email or visit our Facebook page. To submit information to a reporter, email

Be succinct, constructive, and relevant to the story. Leaving a comment means you agree to our Discussion Guidelines. We like civilized discourse. We don't like spam, lying, profanity, harassment or personal attacks.

comments powered by Disqus
event calendar sponsored by:

Mandatory Evacuation Called for Fire Zones

Heavy rains expected Tuesday-Thursday; debris flows feared.

Cannabis Farmer Gets over $1 Million Insurance Payout

Thomas Fire ash destroys crop; analysis finds asbestos, lead, arsenic, and magnesium.

Next Debris Flow Could Take Different, Unknown Path

"I've never seen this degree of hazard," says Cal Fire scientist.

Biggest Storm Since 1/9 Approaching Santa Barbara

The storm system brings increased threat of flash floods and debris flows.

Jack Johnson Tours Montecito Disaster Area Ahead of Benefit Concert

Jack and Kim Johnson met with Bucket Brigade leaders to see the destruction firsthand.