With a growing presence around the world, including in Toronto, Concierge Auctions, a New York City-based auction house, is gaining greater influence in the luxury real estate auction market.
Concierge made more than $1 billion in aggregate sales in 2016. The company also conducted a sale for the first time in Europe, including in France, Spain and the United Kingdom. Concierge’s profits in the high-end real estate category alone totaled approximately $300 million in 2016, thanks to an increase in global recognition for the company, which possesses one of the most ultra-high-net-worth client lists in the auction realm, the company said in a press release.
Concierge felt the benefits of the surge in Toronto’s housing market in 2016 through one particularly notable sale. A 23,000-square-foot estate with a copper roof at 26 Park Lane Circle sold for $21.8 million by Conrad Black, a former Canadian newspaper publisher.
“Even in the hottest and most liquid real estate markets, such as Toronto's, there can be uncertainty in terms of days on market, sales price, etc.," Chris O’Neill, project sales manager at Concierge Auctions who headed up the auction process for the 26 Park Lane Circle sale, told Toronto Business Daily. "Our sellers know that by partnering with our firm, they have greater control over these variables because our process successfully curates demand and delivers maximum value for luxury properties in just 30 days."
The easy bidding process is one of the attractive features Concierge offers, Chief Marketing Officer Krystal Aeby told Toronto Business Daily.
“Buyers name their price through a straightforward and transparent bidding process, which makes for a smooth, simple transaction," Aeby said. "Plus, a majority of our auctions take place via the Concierge Auctions mobile bidding app, so buyers are able to bid from wherever they are in the world."
Called Instant Gavel, the auction app is one major reason Concierge performed so well in 2016, the auction house said. It also uses listing agents.
“Buyers love the transparency of the open bidding model," O'Neill said. "And realtors still earn their standard commissions. Everyone wins."
Concierge’s influence is ever-growing across the globe, with a presence in 37 U.S. states and 15 countries. Though once a brokerage community, Concierge has continued to evolve with the demands of the ever-changing and ever-growing luxury housing market.