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.