Some have probably never considered the possibility of selling their luxury real estate at auction. They may not even be aware that such an option exists, and could even be forgiven for thinking a property auction is not something one chooses but is forced to turn to following financial hardship. They would probably be surprised to learn that the average price for the top 10 properties sold through Sotheby’s Concierge Auctions in 2023 was US$18.2 million. The year before it was US$20.3 million.

“It’s a great way to arrive at market value,” says Chad Roffers, co-founder and chief executive officer, Sotheby’s Concierge Auctions. A case in point is the Southampton, New York property La Dune, which sold at auction for US$88.48 million in March 2024. The historic estate on Gin Lane was once the most expensive listing in the Hamptons.

The first property to be sold live alongside art at Sotheby’s, La Dune received bids from seven individuals based in New York, Connecticut, Georgia, and the Caribbean, competing in the room and via telephone. A single buyer, based in New York, eventually secured the full property for more than twice his opening bid.

“Our partnership with Sotheby’s Concierge Auctions is a great benefit for our clients,” says Philip A. White Jr., president and chief executive officer, Sotheby’s International Realty. “The buyer pool for luxury properties is small, so for sellers who want to move quickly, the auction route allows them to sell a property—anywhere in the world—in just five weeks. Using this approach, we can target buyers who have the means and interest in luxury properties, enabling them to achieve fair market value.”