Real Estate Firm Exceeds Goals for New Cambridge Office

Gibson Sotheby’s International Realty Soars Ahead with a Team of Well-Known Agents

“We have so many reasons to be grateful. Our Cambridge team is one of them,” said Larry Rideout, CEO and Owner of Gibson Sotheby’s International Realty. His marketing team recently launched a “Thank You” ad campaign at his behest. Rideout and his business partner, Paul McGann, set audacious goals for themselves last year. In the midst of historic inventory crunch, they set their sights on Cambridge. “It was a market for which the Sotheby’s brand is a natural fit; it’s a prestigious community with an average sale price that is on the rise. But, we were going to have to do something that we hadn’t really done before,” said Rideout.

Rideout and McGann completed more than 30 acquisitions in their previous careers at Realogy, the parent company of several well-known real estate brands. So, naturally, when they launched Gibson Sotheby’s International Realty in Boston, they set out to make acquisitions a big part of their growth plan. Since November of 2006, they have acquired nine firms and have grown the company from $247 million in sales to $1.3 billion in 2015. But Cambridge was going to have to be different. “There just wasn’t the opportunity for an acquisition in Cambridge. The market was entrenched with firms who had been operating in the same way for a very long time. So, we had to build from the ground up,” said Rideout.

They secured a space on the edge of Harvard Square and set about designing a bright and modern office. Then Rideout and McGann identified key players in the market; those with excellent reputations in the industry and strong sales histories. As they met with the agents, they shared what had made Gibson Sotheby’s International Realty so successful in Boston. One-by-one, veterans of the industry with 10, 20, and 30 years of experience joined the new office — creating a virtual tidal shift in the market. The group of well-respected, high-producing agents, includes The Lauren Holleran Team, The Dino Confalone Team, Anne Fantasia, Laura Palumbo Hanson, Lisa Godwin, the Lisa May and Lindsay Allison Team, Judy Carlough, Grace Liao Tannenbaum, Lizzy Flanagan, Susan Condrick, Laura Segal, John O’Neil, Max Dublin, and Lara Gordon.

“We were bowled over by the response from the agents in Cambridge,” said McGann. “Our original goal was to have six agents in that office by the end of the year. Our amazing team grew to 20 in only seven months! We couldn’t be more thrilled.” The new recruits joined a small team of rental agents and existing Gibson Sotheby’s International Realty agents. The total sales for those agents topped $175 million in 2015. While they are among the biggest names in Cambridge real estate, they also focus on Belmont, Somerville and Watertown — key areas of recent growth.

“The inventory has been so low in these areas that the pressure is on for our agents and their clients. Our Cambridge team brings with them decades of experience. They are trusted names in their markets. The company’s job is to do all that we can to support them and their clients in new ways,” said Rideout. His leadership team has been working hand-in-hand with many of the agents, including directors of the Marketing, International Initiatives, Relocation and Productivity departments. “These agents are so very successful. I feel like, all the while we are working hard to get them to the next level, they are making us better as a firm,” said Colleen Barry, Director of Productivity. “I am inspired by them — it is a pleasure and honor to work with them every day.”

Gibson Sotheby’s International Realty is making the most of its international network. Rideout traveled to Hong Kong in October to participate in the Sotheby’s autumn sales. In November, several agents visited the Sotheby’s Auction House and several luxury properties in New York City. A strong contingent is planning to join the Global Networking Event for Sotheby’s International Realty in Las Vegas in May. “The real estate world gets smaller every day,” said Nicole Rideout, Director of Relocation and Referrals. “It is imperative that we foster strong relationships, not only domestically, but internationally. Cambridge and Boston are truly international cities, and are deserving of an international firm.”

About Gibson Sotheby’s International Realty:
Gibson Sotheby’s International Realty is Boston’s largest independent real estate company. Founded in 1962 by Betty Gibson in Boston’s South End, the firm has eight offices throughout Boston, Cambridge and the surrounding areas.  The Sotheby’s brand takes great pride in presenting to the world unique homes and their stories. Through this extraordinary network which extends to more than 60 countries and territories worldwide, Gibson Sotheby’s International Realty has access to some of the most qualified buyers in the world and provides remarkable exposure for each home.

Real Estate News: Boston Ends Year with Strong Residential Sales

The Massachusetts Association of Realtors® (MAR) reported that 2015 closed out with seven straight months of sales increases with December having the most closed sales of any December since 2004. More specifically in Boston, a healthy local job market, low mortgage rates and recent gains in household formation led to increased sales and steady price appreciation throughout the local residential housing market in December, according to data from the Greater Boston Association of REALTORS® (GBAR).

“We’ve seen a pattern over the last couple months of increased sales volume at a normally slow period of the year, which demonstrates the consumer confidence and desire for homeownership that exists in our market,” said GBAR President Andrew Sarno. “December capped off a strong 2015 sales year in Greater Boston, particularly in the single-family housing market which had a total sales increase of 7.7 percent on the previous year.”

Sales of detached single-family homes improved on an annual basis for a seventh consecutive month in December, increasing 14 percent on the December 2014 total of 1,133 homes sold to 1,292 in December 2015. This sales volume represents the highest total ever during the month of December in Greater Boston, eclipsing the previous record of 1,266 homes sold in December 2003 by 2.1 percent.

Greater Boston Single-Family Market Overview

December 2014 December 2015 +/-
Closed Sales 1,133 1.292 +14%
Median Sales Price $444,000 $465,000 +4.7%
Days on Market Until Sale 79 80 +1.3%
New Listings 603 635 +5.3%

Condo sales continued to rise on a year-to-year basis in December, with a 7.6 increase of units sold from 815 in December 2014 to 877 units sold last month. This represents the second best December condo sales total in Greater Boston, surpassed only by the 906 closed sales in December 2004.

Greater Boston Condominium Market Overview

December 2014 December 2015 +/-
Closed Sales 815 877 +7.6%
Median Sales Price $423,000 $445,000 +5.2%
Days on Market Until Sale 56 53 -5.4%
New Listings 396 463 +16.9%

As a result of the continued, healthy sales pace, median sales prices increased in both markets in December. In the single-family home market, the median sales price rose for a fifteenth consecutive month, to a new record price for the month of $465,000. Both markets saw increases in their year-end totals from the previous year, as the median selling prices of single-family homes sold increased by 3.7 percent in 2015, with an increase from $458,000 to $475,000.

“The strong job market and healthy economy in Greater Boston have continued to drive both sales and prices,” added Sarno. “Buyers continue to take advantage of the rising home values and low mortgage rates in the area. Additionally, if December’s pending sales totals are any indication, we can expect a relatively active market throughout the winter months.”

Overall in 2015, residential real estate saw advances. Supply and demand were healthy in an environment with low interest rates and improved employment. Improved inventory and affordability remain to be two driving factors as we enter 2016.

About the Greater Boston Association of Realtors: The Greater Boston Association of REALTORS® (GBAR) represents over 6,500 real estate professionals throughout the Greater Boston and Eastern Massachusetts area and is one of the local boards of the National Association of REALTORS® – the largest trade association in America. GBAR® provides professional development courses, standard forms, legal reports and updates, brokerage counseling, legislative and regulatory representation, ethics, mediation and arbitration services, as well as recognition awards.

Sources: Greater Boston Association of Realtors®, Massachusetts Association of Realtors®

Boston Real Estate News: GE Announces Temporary Boston Location

GEEarlier this month, General Electric Co. announced that it will be relocating their worldwide headquarters to the city of Boston by 2018. This movement will include roughly 800 employees and will come in multiple phases over the next two years.

The first phase will be begin this summer as GE has announced the location of its temporary headquarters at 33-41 Farnsworth Street in Boston’s Fort Point neighborhood. Fort Point, which was formerly occupied by warehouses and manufacturing firms, has undergone major transformation over the years to that of a trendy technology destination. It has yet to be confirmed, but the Seaport District was rumored to be the final location of GE’s worldwide headquarters with its temporary holding place a mere walk away.

Bullhorn, a software technology company, is the existing tenant to reside at this location. Their CEO, Art Papas, has stated that GE will be taking over the remainder of Bullhorn’s lease as of April of this year. Bullhorn is a fast-growing company that already secured plans to move their headquarters to Summer Street in the Financial District.

The deal over GE’s lease was not a typical transaction as GE directly approached the landlord to release Bullhorn from any obligations to the office and to take it over themselves instead of pursuing a sublease with Bullhorn. The contract was finalized on Friday for the temporary location and the details of the lease include 45,000 SF for $40 per SF until September 2018 when they plan to move to their official headquarters. It has not been confirmed whether GE plans on leasing additional space in the building or how long the move-in will take, but questions regarding the move will be answered at GE’s public briefing on February 18th.

Sources: Boston Business Journal – One, Two

Featured Affiliate Listing: Take a look inside Terry Bradshaw’s Hawaiian estate

Currently listed by affiliate MacArthur Sotheby’s International Realty, this Plantation-style home in the Summit section of Kohala Ranch was built in 2005 complete with panoramic views of the beautiful ocean.

In addition to luxurious craftsmanship and high-end amenities, this five bedroom home in Kamuela features a formal entry with a waterfall, two koi ponds and a lap pool.

59-1177 Kamakani Lp Kamuela, Hawaii | $2,700,000

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Find more on this luxurious home here. 

Want to enjoy warm tropical breezes in your own home? Call 844.667.6663 or visit our website: Gibson Sotheby’s International Realty for more information.

Source: sir.com

Extraordinary Rental Homes: A Feature of Listings by Gibson Sotheby’s International Realty’s Rental Division

Our dedicated rental division is one of the largest in Boston and Cambridge offering services to landlords and tenants all over the Metro Boston area. From the historic areas of Boston’s South End, Back Bay, Beacon Hill and Charlestown to the metropolitan downtown feel of the Seaport – our rental agents can assist you in every step of the process of finding your new rental home.

We have an abundant inventory of homes that span all styles, from economical studio apartments to luxury rentals in some of Boston’s finest full service buildings. In search of your new luxurious rental home? See below a feature of our very own extraordinary rental listings.

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110 Stuart Street #PH3, Back Bay | Gibson Sotheby’s International Realty

DSC_002822 Liberty – Unit 6D, Seaport District | Gibson Sotheby’s International Realty

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196 Beacon Street #1, Back Bay | Gibson Sotheby’s International Realty

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36 Garden Street, Cambridge | Gibson Sotheby’s International Realty

314 Dartmouth_018

314 Dartmouth #A, Back Bay | Gibson Sotheby’s International Realty

Do not hesitate to contact any of our dedicated rental agents today regarding the above properties and make one of these extraordinary rental homes your own. Call 617.426.6901 or visit our website: Gibson Sotheby’s International Realty for more information.

Search more rental properties here.

Real Estate News: Foreign Real Estate Investors Target Boston

Screenshot (215)According to a recent survey from the Association of Foreign Investors in Real Estate, Boston ranked in the Top 5 cities for foreign real estate investors and thus is expected to see a flood of foreign investments in 2016 .

The Seaport District (one of the fastest growing neighborhoods) and Downtown Crossing have already begun to see these investments. The Godfrey Hotel in Downtown Crossing was acquired by a German Investor and multiple office projects in the Seaport were acquired by investors in Germany and Sweden.

“It’s got all the things that they like,” said James Fetgatter, AFIRE’s CEO. “Its barrier to entry is very high. It has a vibrant urban core. It’s got the educational institutions. And for the Europeans, it looks like a European city. … That’s a subtle thing, but certainly for the Germans and the other European investors, it’s a city that they can feel comfortable in.”

Boston had not been ranked amongst the top 5 cities for the past three years the survey says. Since then, the city  has seen a heightened increase in interest over the past 2 years and is only expected to grow in the coming years.

Source: Boston Business Journal

 

 

Gibson Sotheby’s International Realty Exceeds the Billion Dollar Mark for a Third Consecutive Year

Gibson Sotheby’s International Realty, Boston’s premier luxury real estate firm, displayed
tremendous growth and achievement in 2015. In addition to adding a number of high caliber agents and opening a brand new office, the firm exceeded the incredible billion dollar sales volume closed mark for the third year in a row (source MLS).

“This achievement is an amazing feat for a company our size having to operate in a marketplace that was very light on inventory,” stated Larry Rideout, Gibson Sotheby’s International Realty’s CEO/Owner.  He noted as they move forward in this ever changing world, their continuous success is attributed to three key factors – “Momentum. Growth. Foundation.”

MOMENTUM
The quality of agents that have chosen to join Gibson Sotheby’s International Realty over the past year continue to make an impact in Boston, Cambridge and the surrounding areas. “We continuously strive to take our service to the next level.  I can say with confidence that the agents we have added over the last twelve months will represent the integrity of our brand in every facet,” noted Paul McGann, Gibson Sotheby’s International Realty’s Owner/President.

Momentum in 2015 for Gibson Sotheby’s International Realty began with the addition of one of Boston’s top producing agents Michael Carucci. Carucci consistently ranks in the top one percent in real estate sales volume for the Greater Boston Area. “The culture and best in class management is what really stood out with Gibson Sotheby’s International Realty. Ownership cares and it shows,” said Michael Carucci. “It didn’t take long to see how the Sotheby’s brand enhanced our existing established local brand. This combination brought new business we would not have otherwise received.”

GROWTH
The opening of a brand new office conveniently located on Massachusetts Avenue expanded the firm’s exposure in Cambridge. As a result, Gibson Sotheby’s International Realty recruited some of the area’s finest talent.

“It didn’t take long for me to make the decision to move our team over to help establish the Sotheby’s brand presence on this side of the Charles River,” noted Lauren Holleran. “The Sotheby’s brand and Cambridge are an incredibly natural fit for each other. In the few months since we joined, we’ve already exchanged business with other Sotheby’s International Realty offices in Dallas, San Francisco, New Delhi, and Maine – it is amazing to be part of a network recognized for the quality of the brand and the agents associated with that.”

Furthermore in Boston’s Waterfront, Gibson Sotheby’s International Realty moved into a new space at the former site of Elite Boston Landmark Realty where they acquired Toni Gilardi and her team. Toni consistently ranks as one of the top agents in the historic North End/Waterfront where she has been a community fixture for decades, thus strengthening their presence in Boston’s Waterfront.

Thrilled to be a part of the Gibson Sotheby’s International Realty family, Toni Gilardi commented. “I decided that merging with a larger firm was the right course of action after owning my own business for 31 years. I knew the Sotheby’s brand was a perfect fit and now am able to offer my clients services that I could not in the past.”

In response to rapid growth, Gibson Sotheby’s International Realty is in the process of doubling the size of their Back Bay office located at the corner of Newbury and Dartmouth Streets.

FOUNDATION
Gibson Sotheby’s International Realty is known for its culture which has consistently been that of a “family.” “All members of the Leadership team have been extremely supportive of their staff being sure to stay one step ahead of the competition,” said Cathy Marotta, a veteran that has been with the company for over 30 years. “It is truly a pleasure to work for such a well-established brand. When meeting with a potential buyer or seller I do not have to say much; the brand sells itself.”

Gibson Sotheby’s International Realty has grown significantly since joining the Sotheby’s International Realty brand. With the integration of new technology the firm will continue to see this tremendous growth throughout 2016.

About Gibson Sotheby’s International Realty:
Gibson Sotheby’s International Realty is Boston’s largest independent real estate company. Founded in 1962 by Betty Gibson in Boston’s South End, the firm has eight offices throughout Boston, Cambridge and the surrounding areas. The international network of more than 800 offices in 60 countries and territories, and the relationship with Sotheby’s auction house, as well as comprehensive online and print advertising in high profile venues, provides remarkable exposure for each home.

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Real Estate News: The Greater Boston Real Estate Market Continues to Flourish

DSC_0187The Greater Boston real estate market saw huge advances in 2015 with a number of new luxury buildings and record selling prices.  The market continues to transform as new buildings are catering to those who are flocking to the city including empty nesters and millennials said to make up most of the buying population in 2016.

Empty nesters were named as the number one demographic that will flock to the city in 2016.  This generation wants to be in a walkable neighborhood surrounded by restaurants, shopping and public transportation. Convenient locations are key. Furthermore the increase in brand new developments and full service buildings throughout the city has drawn this demographic in as they downsize. These new developments include key features such as parking garages, concierge services, elevators and much more.

In addition, millennials are reshaping the housing market and are said to increasingly settle in cities throughout the United States in 2016 transitioning from renting to owning.  This generation will play a large role in markets across the nation – including Boston, according to Realtor.com.

This younger generation of home buyers is gravitating towards cities that have an abundance of jobs and a trendy atmosphere of their own. With the number of Universities, hospitals and job opportunities in Boston, there is no surprise that the area is to see an increase in the number of millennial home buyers in 2016.

Where will these buyers be flooding to specifically? It has been reported by the Boston Globe that of the top-10 hottest real estate markets in the country—four of those are in Boston. Ranked on seven factors including price increases, days on market and bidding wars, these four areas are without a doubt said to see an increase in buyers this year.

Cambridge’s Inman Square ranked number one on that list with a $660,000 median sales price and homes going for 68 percent over the asking price.  The other neighborhoods ranking highly include the Brighton-Allston area at number 3, Spring Hill in Somerville at number 6 and Cambridgeport at number 10.

“These four metro areas have set themselves apart in terms of attracting and creating high-wage jobs in tech, pharma, and finance and that has heated up the local housing market,’’ according to a local chief economist . “When a short supply of homes collides with high-income homebuyers you get this hot, hyper-competitive climate.”

With an influx of buyers and an increase in inventory, it is without a doubt that the housing market in the Greater Boston area will remain strong throughout 2016.  It can be said that residential real estate is amidst one of its best years since the recession!

Sources: Realtor.com, Boston Globe, Boston.com

Real Estate News: Greater Boston Area Sees Increase in November Sales

With a healthy housing demand and steady rise in prices, the Greater Boston housing market experienced an increase in residential property sales from November of last year. Sales for both detached single-family homes and condominiums improved during the month according to data form the Greater Boston Association of REALTORS® (GBAR).

“With a healthy job market and sales price continuing to boost home values, buyers were increasingly active last month, as evidenced both by sales numbers and the upswing in pending sales,” said GBAR President David McCarthy. “Additionally, a sizeable increase in new listings in November is an attractive figure and, as always, we hope those figures translate to closed sales in the coming months.”

Sales of detached single-family homes improved on an annual basis for a sixth consecutive month in November, increasing 6.1 percent over last year’s numbers from 960 homes sold to 1,019 in November 2015. This sales volume represents the fourth highest on record for November in Greater Boston.

In the single-family home market, the median sales price rose for a fourteenth consecutive month in November, up 6 percent on last year’s price of $450,000 to $477,000 in 2015. This price also reflects a new record high price for the month of November.

Greater Boston Single-Family Market Overview

November 2014 November  2015 +/-
Closed Sales 960 1,019 +6.1%
Median Sales Price $450,000 $477,000 +6.0%
Days on Market Until Sale 75 70 -6.7%
New Listings 797 972 +22.0%

Condos were in high demand last month and saw an 8.4 percent increase in median sales price, up from $415,250 last year to $450,000 in 2015. Sales rebounded strongly from a modest decline in October, and experienced a sharp increase of 15.8 percent on an annual basis, from 653 units sold last November to 755 in November 2015.

Greater Boston Condominium Market Overview

November 2014 November 2015 +/-
Closed Sales 652 755 +15.8%
Median Sales Price $415,250 $450,000 +8.4%
Days on Market Until Sale 57 58 +1.8%
New Listings 598 739 +23.6%

Pending sales in both markets remained high and also increased on the totals from last November. The single-family market experienced a sharp increase of 19.9 percent, with a change from 914 pending sales in 2014 to 1,096 this year, while pending condo sales saw a 14.9 percent positive change, from 653 to 750 in November 2015.

“Sales increases in both markets are encouraging at this time of year which is typically slow,” McCarthy noted. “However, similar to last month, buyers are continuing to buy now, as they feel they could be subject to ongoing and future price and interest rate increases.”

The numbers of new listings for single-family homes and condos both rose on a year-to-year basis from last November. New listings of single-family homes rose 22 percent from 797 to 972 in November 2015, and newly-listed condos increased 4.9 percent from 12,190 in 2014 to 12,788 last month.

“While most people in Massachusetts were focused on raking, getting ready for Thanksgiving and shopping in November, homebuyers stayed focused,” said 2015 MAR President Corinne Fitzgerald. “Buyer demand remains strong even with the recent interest rate increase by the Federal Reserve Bank in December.”

Ultimately residential real estate is amidst one of its best years since the recession. Demand is healthy and is only expected to continue into the new year!

About the Greater Boston Association of Realtors: The Greater Boston Association of REALTORS® (GBAR) represents over 6,500 real estate professionals throughout the Greater Boston and Eastern Massachusetts area and is one of the local boards of the National Association of REALTORS® – the largest trade association in America. GBAR® provides professional development courses, standard forms, legal reports and updates, brokerage counseling, legislative and regulatory representation, ethics, mediation and arbitration services, as well as recognition awards.

Sources: Greater Boston Association of Realtors®, Massachusetts Association of Realtors®

Real Estate News: 22-Story Condominium Tower Proposed in the Seaport

seaport

Boston Business Journal

As stated in a previous blog, the Seaport District truly has outpaced most cities/towns for development in all of Massachusetts. Next in a long line of new developments in the Seaport is a sea-inspired condominium tower.

A South Boston-based real estate development firm has proposed to replace two adjacent eateries, the Whiskey Priest and Atlantic Beer Garden, in the Seaport with a brand new 22-story condominium tower. If approved, the tower located at 150 Seaport Boulevard will consist of 110 condominium units, an underground parking garage and 12,000 square feet of retail space.

“This building is going to have a very important, iconic position as far as the way Boston presents itself to the sea,” said Howard Elkus of Elkus Manfredi Architects who designed the building. “What we did was inject into this building this dynamic movement — the twisting of the building is really kind of capturing the forces of the sea, the wind and the sails, even the shaping of the bows of the ship and so forth, to cut through and play this romance with the sea and nature’s forces — that’s what’s going on in the building now. And I think, in a way, it looks to Boston’s heritage as this city by the sea.”

Pending approval, the project will undergo construction in early 2017.

Source: Boston Business Journal

Boston Real Estate News: Empty nesters predicted to flock to Boston in 2016

DSC_0121According to Realtor.com, empty nesters – aged 65 to 74 – will flock to Boston in 2016. After millennials, this demographic is expected to make up the third largest segment of homebuyers in 2016. The hub is expected to see an increase in not only millennials but empty nesters too as they downsize from their suburban homes.

What is the reason for this one may ask? Empty nesters want to be in a walkable neighborhood surrounded by restaurants, shopping and public transportation. Convenient locations are key.

“People like the idea of living more densely,’’ Barry Bluestone, director of the Kitty and Michael Dukakis Center for Urban and Regional Policy at Northeastern University, told The Boston Globe. “As we get older, people don’t want to get into a car every time they need a bottle of milk.”

Additionally the increase in brand new developments and full service buildings throughout the city has drawn this demographic in as they downsize. These new developments include key features such as parking garages, concierge services, elevators and much more.

Unlike other generations, empty nesters know what they are looking for, plan to list their current home for sale and have already begun their search.

It has been reported that luxury buildings in Boston including Millennium Towers, Piedmont Park Square and W Boston have already sold many of their units to empty nesters.

For more information visit Boston.com

Sotheby’s News: Delve into the International Art Market and more on Apple TV

Sotheby’s has announced that they are now present on Apple TV.

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Here you are able to explore the international art market through watching videos from Sotheby’s extensive library and HD streams from auctions around the world! Delve into some of the worlds greatest works of art, jewels, watches and more. Enter a world of luxury and learn how the auction world works by virtually visiting artists in their studio.

The Sotheby’s App will include the following five channels:

  • Artists
  • Legendary Auctions
  • Luxury Goods
  • Our Experts
  • Auction Room

“The launch of our Apple TV App as well as the roll-out of our digital program helps us realise our ambition to be relevant to both current and potential clients every day, regardless of whether a sale or exhibition is taking place,” commented David Goodman, Sotheby’s EVP, Digital Development and Marketing. “We have already seen tremendous results, with astonishing growth in online participation translating to a massive increase in online buyers in our sales.”

The Sotheby’s App can be found in the new Apple TV App store following your purchase of the New Apple TV device. Apple TV is available to users in 80 countries via the new Apple TV operating system.

Click here for more information and to watch a video preview of the Sotheby’s world you will enter. 

Additional Source: BLOUINARTINFO