Tag Archives: Sotheby’s

Cutbacks and layoffs at Sotheby’s as losses mount

No, not the real estate division of Realogy, the art auction house, which no longer has any connection with the house peddlers other than a shared name. Still, if the very people who used to buy our houses are now holding off on adding a Picasso to their walls, it’s probably not great news.

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Realogy Death Watch, cont.

Realogy, corporate owner of Century 21, Sotheby’s and Coldwell Banker, is shutting down its Coldwell Banker Litchfield office and shedding 15 agents. The closing came as a surprise to the agency because they’d been doing well “but not well enough, obviously”, according to its manager. As I warned last year, when Apollo Management, owner of Realogy, saddled its subsidiary with junk debt and onerous interest payments, the strain of making those payments would jeopardize even strong real estate offices. I guess it has.

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Sotheby’s and the Internet

Earlier today I posted an item stating that Sotheby’s refused to permit its listings to be posted on other firms’ websites which I opined might be a competitive advantage to them but did a disservice to those of their clients who wanted to sell their house – in the history of the world, no buyer has ever cared two cents who lists a house, they just want information about it. If your house isn’t out there to be discovered, it’s going to be harder to sell. Welcome to the age of the Internet.

Well that little post produced a call from Sotheby’s manager to my manager (I’m delighted you read my blog, Pat, but feel free to call me direct – no one’s called my mommy about my bad behavior since I was six). According to her, Sotheby’s does release its listings, and has done so since September, so there! So there indeed – we checked, and the only “competitor” of Sotheby’s that gets that information is Coldwell Banker and, presumably, Century 21, both of which, like Sotheby’s are part of the big unhappy family owned and operated by Realogy / Apollo Management. So if you’re content to have Century 21 flogging your house in where are they – Norwalk? – then you’ll be fine, until Apollo defaults on all those junk bonds it has coming due. I still think you’re not getting the service you might otherwise expect and what you’re paying for.

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