The brand name of Sotheby's, one of the world's largest brokers of fine art, jewelry and real estate, is expanding into Arkansas, its parent company said Tuesday.
Portfolio Luxury Real Estate Redefined, a Rogers firm, will be Sotheby's International Realty's first affiliated office in the state.
Owned and operated by Kristen Boozman, the firm will serve the luxury real estate markets in Northwest Arkansas, including Bentonville, Fayetteville, Rogers and Springdale.
"Our mission has always been to offer the highest level of service, making the Sotheby's International Realty brand a perfect fit for our values and company culture," said Boozman, 38.
Several Sotheby's International Realty listings are for houses in the Pinnacle Country Club area, according to Portfolio's website. Some are priced over $2 million and have six-car garages.
"As Northwest Arkansas continues to grow and attract talent from all over the world, our affiliation with [Sotheby's International Realty] will enable us to promote our clients and acquire customers on a global scale," Boozman said.
Boozman is the daughter of U.S. Sen. John Boozman, R-Ark. Messages were not immediately returned for comment Tuesday.
Sotheby's was founded in London in 1744, and collectors gathered at the auction house seeking some of the world's most cherished possessions. Today the New York company offers art-related services, including private art and jewelry sales, financing and retail wine sales. The Sotheby's board agreed last month to sell the company to a former telecom executive for $3.7 billion.
Shares of Sotheby's fell 17 cents to close Tuesday at $58.16. It is the oldest company listed on the New York Stock Exchange and the only publicly traded major auction house.
Sotheby's International Realty, a subsidiary sold to Realogy Holdings Corp. in 2004, has 1,000 offices spanning 70 countries and territories worldwide, including 43 company-owned brokerage offices in metropolitan and resort markets, a news release said.
Realogy has exclusive rights to run brokerage services under the Sotheby's International Realty brand, according to annual reports. Last year, the brand generated sales of $112 billion. Each office is independently owned and operated.
Mansions or villas with a helipad, oceanfront view, squash court or private vineyard are listed at sothebysrealty.com. The company has listings throughout the Americas, Europe, the plains of South Africa, Fiji and other exotic locations. They also can cost more than $20 million.
"Once a rural community, Northwest Arkansas has transformed into a national center for culture, commerce and entrepreneurism," said Phillip White, president and chief executive officer of Sotheby's International Realty, in prepared remarks.
"Kristen and her team have served the Northwest Arkansas market for more than a decade and we are proud to welcome Portfolio Sotheby's International Realty to the brand's vast network," White said.
Shares of Realogy fell 40 cents to close Thursday at $6.47.
Business on 07/03/2019