Each year, Christie’s invites its affiliates (and their agents) into their New York Saleroom at Rockefeller Plaza for a day’s learning extravaganza. This year was no exception to the information that was shared.
Upon entering the building, I had to pass an exquisite display of Tiffany Lamps, with colors and detailing so fine…
This year, the Christie’s speakers were: Angela Ambrosini, Associate Vice President & Creative Director, Clayton Andrews , Senior Vice President & Regional Manager, Kate Buchanan, Vice President, Private Collections & personal Insurance, Kathleen Coumou, Senior Vice President, Regional Manager, Elizabeth Harrington, Publisher at Large for North America – Hurun Report – China Rich List, James H. Herbert 11, Chairman – CEO First Republic Bank, Silvana Malpelli , CRP, GMS, Senior V.P., Executive Director of Relocation & Broker Specialist Service – Brown Harris Stevens, Rick Moeser – Senior Vice President, Regional Manager – Christie’s International Real Estate, El Moriaty – Director of Brand Marketing, Christie’s International Real Estate, Campion Platt – Interior Designer, Paul R. Provost – Deputy Chairman – Christie’s Americas, Bonnie Stone Sellers – CEO – Christie’s International Real Estate, Andrew Ross Sorkin – The New York Times, Joachim Wrang-Widen – European Director -Christie’s International Real Estate, and Zachary Wright – Senior Vice President, Regional Manager – Christie’s International Real Estate.
Such an impressive list of people, and a vast array of subjects were covered. All informative, interesting, and everyone walked away with something inspirational.
On artwork, American Art is not in such great demand compared to European , Post War and Contemporary Art.
There was a humorous tale told to us by Mr. Paul Provost, Department Chairman of Christie’s Americas. Shown on the screen was a painting of James Christie by Thomas Gainsborough, famous British Portrait & Landscape artist in the 18th Century. Somehow, as important as the painting was/is, it was sold to the Getty Museum in 1846. Mr. Provost joked that perhaps the auction house had fallen upon hard times and needed to sell the painting. Not so today, the auction house is Number One in the world, dwarfing its next competitor 49% -38% in real estate (80 Billion compared to 41 Billion), and also in the art world too with 53 offices and 10 Salerooms, and being the only auction house to open a Saleroom in China this upcoming fall. It took them 30-35 years to accomplish this fete and it is quite a coup. Christie’s is capitalizing on the new wealth of Asia, Eastern Europe and Brazil, and there are Exhibitions scheduled throughout the world to attract those wealthy buyers.
Chris Meyers (COO Houlihan Lawrence) asked a compelling question of Mr James Herbert, CEO of First Republic Bank. He wanted to know if there had been a shift in the bank’s client accounts these past 120 days… and Mr. Herbert replied that indeed there had been. Approximately 15% of their money was moved into either real estate or the market -which showed a very positive shift.
Elizabeth Harrington spoke exceedingly well about “The Richest people in China” and the Huron Report. Ms. Harrington quipped that by 2016, China will have the largest economy in the world, citing that while the US has 409 Billionaires, China has approximately 317 Billionaires with Russia having approximately 88 . Ms. Harrington continued that the wealthy Chinese male is seeking a home and area that features swimming and golf, while the wealthy Chinese female is seeking Yoga, swimming and golf. Interestingly, their first choice of travel destinations are first France and then the US, followed by Singapore, Switzerland and the UK.
Their choices in luxury items include the finest in Brandies, Louis Vuitton, Apple, Hermes, Chanel, Cartier, Gucci, Montblanc, Dior, Burberry, and Chateau Lafitte! In fact, there is a Fine Wine called “Yao Ming”. It is customary to always take a gift to your Chinese friends, and they like (right now) red wines, watches, electronics, ‘smokes’, imported spirits, art, gift coupons… (All of these studies were compiled by the Huron Report).
She also mentioned that approximately 60% of wealthy Chinese people intend to emigrate to the U.S. , Canada, Australia and Singapore, 50% planned on investing in real estate, and one of the key reasons for their emigration was for their children’s education.
I obviously attend the conferences to learn, but I also attend to meet and network with agents from our various affiliates. After all, when I list properties in Westchester, I want to be able to send my links and information to my fellow Affiliate associates be they in Manhattan, the Hamptons, Connecticut of New Jersey. Houlihan Lawrence already has a Tri-state alliance with different companies whereby we each list each others listings, and have a strong referral network too.. but it is also nice to know the agents from within those companies… Anyone seeking a good agent in the city. I know quite a few. I meet them each year!
Some of the marketing material today was centered around the most expensive property in the United States (right now), Copper Beech in Greenwich ($190,000 Million). I viewed this huge estate the other week and wrote a blog post on same.
The day was so interesting, with our being served lunch , and cocktails at 5 p.m. – all very civilized, and well – so elegantly “Christie’s!”
Larchmont and New Rochelle are GREAT!
We have always been taught that to offer a true CMA (Comparative Market Analysis), we must look towards similarly sized properties, in a radius of one mile or same zip code, same elementary school, etc. that have sold in the last 3 – 6 months. Years ago, it was the past year, but with the then economic climate going downhill on a continual basis, it slowly became 6 months, 3 months, and now back to 6 months.. I have even heard some appraisers compare to the past year in a complex…
I learned the other year the importance of using professional photography – even with a rental. Why you might ask when we will only be receiving a small remuneration for listing a rental? For several reasons..
