Where? (Location)
Monday, July 7th, 2014

Bonnie Stone Sellers analyses the luxury property market in the New York Times

RimontgóOn July 1, the New York Times published an extensive interview (carried out by journalist Vivian Marino) with Bonnie Stone Sellers, who is CEO of Christie’s International Real Estate, a subsidiary of the famous London-based auction house. The company specialises in the luxury property market and is exclusively affiliated to Ritmontgó in the Autonomous Community of Valencia. The interview, although centred around high-profile properties in New York, also includes interesting information from Bonnie Stone Sellers on the international luxury property market, as well as future plans for Christie’s International Real Estate.

Amongst Christie’s achievements last year, Stone Sellers highlights in the interview the incorporation of 18 new affiliates in geographical areas which are of great importance in the luxury property market, such as Singapore, Dubai and Monaco. Bonnie Stone Sellers (Anne Wermiel/New York Post)Stone Sellers also outlines a 29% increase in turnover, which rose from $82 billion in sales by the end of 2012, to $106 billion by the end of the following year.

One of the key points mentioned by Stone Sellers in her interview for the New York Times is that velocity in sales, rather than an increase in prices, has been the determining factor behind growth in the luxury property market. In the same way, she discusses the strong relationship between assets in luxury properties and other goods, such as those in the world of art. According to Stone Sellers, many of the most active investors in art also own multiple properties.

With regard to investors in the luxury property market, Stone Sellers sets out three different groups in her interview for the New York Times. Firstly, there are foreign investors who look to London or influential cities in the US as a safe place to invest their capital. These cities, providing a lifestyle which adapts to their interests, are places in which they can eventually live if they wish to send their children to prestigious schools and universities. Secondly are the so-called Millennials, or members of the Generation Y, who are either receiving money from their parents for the first time, or are based in the technology sector, have earned their own money and are now deciding to invest. These people have become a noticeable force in the property market. Finally,Christie’s International Real Estate Stone Sellers highlights local investors, located in large cities, who remained sidelined during the recession, but are currently starting to regenerate a large demand in the lowest area of the luxury property market (which includes properties between one and five million dollars). This is down to the rise in confidence in the economic revival and the return of financing. Regarding goals for Christie’s International Real Estate in the near future, Bonnie Stone Sellers indicates a greater geographical expansion, with Asian capitals such as Tokyo on the horizon, as well as an increase in synergies with the art world and the London auction house.

Articles included in: