Concierge Auctions
| Company type | Private |
|---|---|
| Industry | Residential real estate auctions |
| Founded | 2008 |
| Founder | Chad Roffers, Laura Brady |
| Headquarters | New York and Texas , United States |
Key people | Laura Brady (CEO), Chad Roffers (President) |
| Products | Luxury residential real estate auctions |
| Parent | Sotheby's (since November 2021) |
Concierge Auctions operates as a residential real estate firm with headquarters situated in both New York and Texas. The company focuses on auctioning properties to the highest bidder.
In November 2021, Concierge Auctions was purchased by Sotheby’s along with Realogy Holdings Corp, leading to its rebranding as Sotheby’s Concierge Auctions. It holds the record for the highest auction sale in the United States with The One, a 120,000-square-foot Los Angeles mansion formerly owned by Nile Niami.
Since its inception in 2008, Concierge Auctions has facilitated over $3 billion in property sales spanning 46 states within the U.S. and 30 countries worldwide. It has been recognized on the Inc. 5000 list every year since 2014. Despite its expansion and significant presence in the market, the company has encountered accusations of artificially boosting auction prices, which have led to several settlements outside of court.
The company’s approach centers on leveraging exclusive luxury properties and forming strategic alliances to secure a foothold in the competitive residential real estate auction sector. Leadership figures such as CEO Laura Brady and President Chad Roffers play key roles in steering its global growth and operational strategies.
History
Concierge Auctions was established in 2008 by Chad Roffers, previously affiliated with Sky Sotheby's International Realty, alongside Sarasota-based realtor Laura Brady. The firm specializes in auctions of upscale real estate. Its revenue model involves charging buyers a 12 percent fee while local agents receive commissions ranging from 5 to 6 percent. Properties auctioned generally fall between $2 million and $100 million, with an average value near $4 million.
In 2014, Barbara Corcoran—founder of the Corcoran Group and investor on Shark Tank—joined as a strategic advisor, bolstering the company’s leadership framework. By 2016, Concierge Auctions secured exclusivity as the auction provider for LeadingRE and Luxury Portfolio International, broadening its market reach. The following year, it recorded $340 million in sales through 81 auctions, with nearly 90 percent conducted via its mobile application, showcasing its innovative business model.
The firm deepened collaborations with Engel & Völkers Advisors and Italian Sotheby's International Realty in 2018, becoming their preferred auction partner and expanding its international presence. That year saw sales totaling $390 million across 96 auctions. Additionally, Concierge Auctions contributes to charitable causes through its "Key for Key" initiative in partnership with Giveback Homes and Habitat for Humanity, having constructed over 200 homes by 2020.
Among its prominent deals are auctions of Little Ragged Island—the largest private island available for purchase in the Caribbean—in both 2021 and 2022. Following its acquisition by Sotheby’s and Realogy Holdings Corp in November 2021, Concierge Auctions continues to operate independently under the Sotheby’s Concierge Auctions brand, preserving its leadership position within luxury real estate auctions.
Recognition
In 2018, Concierge Auctions set a new benchmark in the U.S. by selling a residential property in Dallas, Texas for $36.2 million at auction. The following year, the company outdid itself by closing a $42.5 million estate sale in Florida, establishing the highest auction price ever recorded in Broward County.
The firm is also recognized for producing its annual Luxury Home Index report, which evaluates average sale prices and time on market for upscale residences. In 2021, Concierge Auctions achieved the record for the most expensive online auction of a single-family home in Beverly Hills, owned by Steven F. Udvar-Házy.
Since its initial listing on the Inc. 5000 in 2014, Concierge Auctions has maintained a presence there. By April 2022, it held the U.S. auction record for The One in Los Angeles, which sold for $141 million to Richard Saghian of Fashion Nova, showcasing its significant impact and leadership within luxury real estate auctions.
Clients
Concierge Auctions gained early attention in 2009 when it marketed a residence constructed by Cher at the Four Seasons Resort Hualalai.
In 2013, the company secured Michael Jordan as a client to auction his expansive 56,000-square-foot Highland Park property, initially priced at $29 million. Although bids during the auction did not exceed the $13 million reserve, Jordan acknowledged Concierge Auctions for delivering considerable market exposure. The estate subsequently re-entered the traditional market with an asking price of $16 million and was listed at $14.85 million by 2020.
The company has also managed notable sales such as former Live Nation chairman Michael Cohl’s $36 million home in Key Biscayne, a Spanish coastal estate where Pablo Picasso painted in 1961, and an Idaho ranch owned by Lehman Brothers CEO Richard S. Fuld Jr.
In 2019, Concierge Auctions oversaw auctions for entrepreneur Wayne Huizenga’s Fort Lauderdale estate and mutual fund manager Peter Lynch’s Paradise Valley, Arizona property. Amid rising demand during the COVID-19 pandemic, it scheduled an online auction in 2020 for shoe designer Vince Camuto’s mansion in Greenwich.
In 2022, Concierge Auctions facilitated an online auction sale of a Palm Beach penthouse located above Tiffany & Co.’s flagship store. That same year, it listed The One in Los Angeles with an asking price of $295 million; the property ultimately sold at auction for $126 million plus a 12% commission, reinforcing Concierge Auctions' pivotal role in handling ultra-high-value luxury real estate deals.
Controversies and criticism
In 2013, Grand Estates Auction initiated a $23 million lawsuit against Concierge Auctions and several associated clients in the U.S. District Court for the Southern District of New York. The complaint alleged false advertising, deceptive trade practices, tortious interference, mail and wire fraud, along with violations under the RICO Act. It also cited a caution issued by the North Carolina Auctioneer License Board concerning Concierge Auctions’ promotional activities. Prior to this suit, Concierge Auctions had filed legal action against Grand Estates Auction accusing them of fabricating email accounts to disseminate defamatory material. The lawsuit against Concierge Auctions was dismissed in 2014.
Beginning in 2014, Concierge Auctions faced allegations that it artificially boosted property prices through fictitious bidders. In 2017, two real estate investors filed suit against the company in California federal court over a dispute involving a deposit on a Fijian property. Additionally that year, an African-American real estate agent lodged a discrimination complaint against Concierge Auctions.