Sotheby's

Sotheby's is a multinational corporation, originally British but now headquartered in New York City. One of the world's largest brokers of fine and decorative art, jewelry, real estate, and collectibles, Sotheby's operation is divided into three segments: auction, finance, and dealer. The company’s services range from corporate art services to private sales.

Sotheby’s is the world’s fourth oldest auction house in continuous operation, with 90 locations in 40 countries. As of December 2011, the company had 1,446 employees worldwide. It is the world's largest art business with global sales in 2011 totaling $5.8 billion.

Sotheby’s was established on 11 March 1744 in London. The American holding company was initially incorporated in August 1983 in Michigan. In June 2006, Sotheby’s Holdings, Inc. reincorporated in the State of Delaware and was renamed Sotheby’s.

History

Beginnings

Sotheby's predecessor, Baker and Leigh, was founded in London on 11 March 1744, when Samuel Baker presided over the disposal of "several hundred scarce and valuable" books from the library of Rt Hon Sir John Stanley Bt., of Alderley. Three Swedish auction houses are even older (Stockholms Auktionsverk, Göteborgs Auktionsverk, Uppsala auktionskammare) and Sotheby's great rival in London and then New York, Christie's, dates from 1759 or shortly after. The current business dates back to 1804, when two of the partners of the original business (Leigh and Sotheby) left to set up their own book dealership. The library Napoleon took with him into exile at St Helena, as well as the library collections of John Wilkes, Benjamin Heywood Bright and the Dukes of Devonshire and of Buckingham (both related to George Leigh) were sold through Samuel Baker’s auctions.

Sotheby's International Realty

Sotheby’s International Realty is a luxury real estate brand founded in 1976 by the Sotheby's Auction House. Sotheby's International Realty operates as a franchise focusing on brokering and marketing of luxury residential real estate.

Franchise system

In February 2004, Realogy Holdings (NYSE: RLGY), a real estate franchising and provider of real estate brokerage, relocation, and settlement services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system. Affiliations in the system are granted to brokerages and individuals meeting Realogy's qualifications. Sotheby’s International Realty Affiliates supports its agents with of operational, marketing, recruiting, educational, and business development resources.

As of 2015, The Sotheby's International Realty network has more than 17,000 sales associates located in approximately 800 offices in 61 countries and territories worldwide.