From CNBC: 2024-05-17 10:27:55

– Wealthy individuals are increasingly turning to private sales for mansions, art, and classic cars to avoid attention and public auction sales. Private sales increased by 4% at Sotheby’s and 5% at Christie’s, totaling $2.4 billion last year, while public auction sales declined by 19% among the two auction houses.

– RM Sotheby’s classic-car auction company has seen a shift to private sales, especially for expensive and rare models. Private sales have quadrupled in the past four years, accounting for nearly a third of revenue, as buyers seek discretion in transactions without public scrutiny.

– Private sales are driven by social media, technology, and cooling collectible prices, with sellers avoiding public auction risks. Los Angeles, Manhattan, and other high-end markets are seeing off-market deals for real estate, appealing to the wealthy for privacy and exclusivity, although they may sacrifice getting the highest price.

– Off-market listings are not suited for properties under $5 million due to a larger buying pool and broader marketing benefits. However, for exclusive mega-homes priced above $20 million in areas like Malibu and Beverly Hills, off-market agreements are attractive to sellers limiting their buyer pool for privacy and discretion, emphasizing the importance of skilled brokers.



Read more at CNBC: Private deals for mansions, art and cars on the rise