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| About By The Sea Sotheby's International Realty |
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Memories, relationships, treasured possessions - homes are repositories of the things that matter most. To market a distinctive home requires uncommon knowledge and resources. In the Sotheby's International Realty® local brokerage offices, sellers and buyers alike can find representatives experienced in offering exceptional homes. Our sales associates understand that a home, regardless of its price range, reflects the incalculable value of the life within.
At By the Sea Sotheby's International Realty, our pleasure is to ensure that our clients achieve the most rewarding experience in the buying or selling of a home. From the initial interview when we strive to determine individual needs and goals to closing and arranging for a seamless transition, we approach every step as an opportunity to earn the respect and confidence of our clients. Whether it is a first home, an investment property, vacation home, or an estate that has been in a family for generations, our associates possess the knowledge and experience necessary to lead our clients through the process and in the end proud to say they have worked with us. At By the Sea Sotheby's International Realty, we are committed to exceeding your expectations.
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| Charities |
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| By the Sea Sotheby's International Realty believes in giving back to the community. As a company and as individuals, we invest our time, money and resources to the following institutions and events: |
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Rockport Art Association |
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Lobsters For Learning (supports the Spaulding Trust providing for the Manchester/Essex school system) |
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Eco Film Festival |
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Manchester Little League |
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Salem Mission |
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Wellspring |
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Brookwood School |
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Cape Ann Chamber of Commerce |
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Christian Children's Fund |
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American Red Cross
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Habitat for Humanity |
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Doctors Without Borders |
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| Our Associates |
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| Under Construction |
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| Testimonials |
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| Diane Zanni - View Profile |
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When my family moved from Hong Kong we had no family or friends in the area. Thankfully, we were referred to Diane. Diane quickly became our trusted advisor, guiding us through the complex relocation process. From the onset of our search through the closing, she provided the quality and caring customer service.
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Michael and Tracy McCormick
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| Amanda Armstrong - View Profile |
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Last Spring we purchased a condominium in Rockport, Ma. We could not have done it without the help of Amanda Armstrong. She knows her business better than anyone we have ever dealt with. She was organized, well informed and very gracious. Above all, she was forthright and honest. If she had problems with a listing she brought it right out in the open and didn?t wait for us to discover it. When we had dealings with the owner, the inspector, the bank or the lawyers she was right on top of it. Her follow through was impeccable. We are very grateful to have had the opportunity to work with Amanda.
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George and Linda Stevenson, Chicago, IL
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| Martha Anger - View Profile |
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I had been introduced to Martha a few years ago and when we decided to sell our home in Gloucester, she was the first person we thought of who we believed would be honest and open with us concerning what was realistic in today's market. We were living out of state at the time and having a realtor who we could trust was the most important factor in our decision making process.
Upon receiving our call, Martha quickly made an appointment with us to walk the property and begin her assessment of our home. Not only did she do a great job providing us with area comps for our review but she also suggested a few things which she felt would improve the ability for us to sell quickly. Martha was then able to use her network of brokers as well as her regional knowledge of Cape Ann, to reach out to other area realtors and identify individual buyers who were looking for a home which matched up with what made ours special. Martha literally "presold" our home so that when it was actually listed on the MLS, it went under agreement in just 24 hours of the public listing.
Our success with Martha was a direct result of her hard work, thorough planning and attention to detail. She kept us posted with every step in the process and was there with us all the way through the closing. If you want to sell your home, you had better be serious because Martha sure is.
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Doug Pietrafetta
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| Karen Hanson - View Profile |
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It is our great pleasure to recommend Karen Hanson to anyone seeking the assistance of a truly knowledgeable and sophisticated real estate professional. We were impressed with the way in which Karen sheparded us through our recent purchase of a beautiful property situated in close proximity to a country club and ocean beach. Karen's patience was limitless as we investigated numerous properties. She was always pleasant, always positive, and had an uncanny ability to anticipate our needs. We are both excited and grateful to have added Karen to our family's team of professional advisors. We trust her judgment and expertise as much as that of our attorneys, accountants and physicians.
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Brian & Karen Durand
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| REALTOR® Code of Ethics |
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| Each agent in our organization is a REALTOR® which means that they have undergone specific required trainings to achieve this designation. In addition each agent adheres to a strict code of conduct called the REALTOR® "Code of Ethics". |
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| Code of Ethics and Standards of Practice
of the NATIONAL ASSOCIATION OF REALTORS®
Effective January 1, 2008 |
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Where the word REALTORS® is used in this Code and Preamble, it shall be deemed to include REALTOR-ASSOCIATES®.
While the Code of Ethics establishes obligations that may be higher than those mandated by law, in any instance where the Code of Ethics and the law conflict, the obligations of the law must take precedence. |
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| Preamble |
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Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization. REALTORS® should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of land ownership. They require the creation of adequate housing, the building of functioning cities, the development of productive industries and farms, and the preservation of a healthful environment.
Such interests impose obligations beyond those of ordinary commerce. They impose grave social responsibility and a patriotic duty to which REALTORS® should dedicate themselves, and for which they should be diligent in preparing themselves. REALTORS®, therefore, are zealous to maintain and improve the standards of their calling and share with their fellow REALTORS® a common responsibility for its integrity and honor.
In recognition and appreciation of their obligations to clients, customers, the public, and each other, REALTORS® continuously strive to become and remain informed on issues affecting real estate and, as knowledgeable professionals, they willingly share the fruit of their experience and study with others. They identify and take steps, through enforcement of this Code of Ethics and by assisting appropriate regulatory bodies, to eliminate practices which may damage the public or which might discredit or bring dishonor to the real estate profession. REALTORS® having direct personal knowledge of conduct that may violate the Code of Ethics involving misappropriation of client or customer funds or property, willful discrimination, or fraud resulting in substantial economic harm, bring such matters to the attention of the appropriate Board or Association of REALTORS®. (Amended 1/00)
Realizing that cooperation with other real estate professionals promotes the best interests of those who utilize their services, REALTORS® urge exclusive representation of clients; do not attempt to gain any unfair advantage over their competitors; and they refrain from making unsolicited comments about other practitioners. In instances where their opinion is sought, or where REALTORS® believe that comment is necessary, their opinion is offered in an objective, professional manner, uninfluenced by any personal motivation or potential advantage or gain.
The term REALTOR® has come to connote competency, fairness, and high integrity resulting from adherence to a lofty ideal of moral conduct in business relations. No inducement of profit and no instruction from clients ever can justify departure from this ideal.
In the interpretation of this obligation, REALTORS® can take no safer guide than that which has been handed down through the centuries, embodied in the Golden Rule, “Whatsoever ye would that others should do to you, do ye even so to them.
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Accepting this standard as their own, REALTORS® pledge to observe its spirit in all of their activities whether conducted personally, through associates or others, or via technological means, and to conduct their business in accordance with the tenets set forth below. (Amended 1/07) |
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| Duties to Clients and Customers |
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| Article 1 |
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| When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, REALTORS® remain obligated to treat all parties honestly. (Amended 1/01) |
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 Standard of Practice 1-1 |
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| REALTORS®, when acting as principals in a real estate transaction, remain obligated by the duties imposed by the Code of Ethics. (Amended 1/93) |
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| Standard of Practice 1-2 |
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The duties imposed by the Code of Ethics encompass all real estate-related activities and transactions whether conducted in person, electronically, or through any other means.
The duties the Code of Ethics imposes are applicable whether REALTORS® are acting as agents or in legally recognized non-agency capacities except that any duty imposed exclusively on agents by law or regulation shall not be imposed by this Code of Ethics on REALTORS® acting in non-agency capacities.
As used in this Code of Ethics, “client” means the person(s) or entity(ies) with whom a REALTOR® or a REALTOR®’s firm has an agency or legally recognized non-agency relationship; “customer” means a party to a real estate transaction who receives information, services, or benefits but has no contractual relationship with the REALTOR® or the REALTOR®’s firm; “prospect” means a purchaser, seller, tenant, or landlord who is not subject to a representation relationship with the REALTOR® or REALTOR®’s firm; “agent” means a real estate licensee (including brokers and sales associates) acting in an agency relationship as defined by state law or regulation; and “broker” means a real estate licensee (including brokers and sales associates) acting as an agent or in a legally recognized non-agency capacity. (Adopted 1/95, Amended 1/07) |
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| Standard of Practice 1-3 |
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| REALTORS®, in attempting to secure a listing, shall not deliberately mislead the owner as to market value. |
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| Standard of Practice 1-4 |
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| REALTORS®, when seeking to become a buyer/tenant representative, shall not mislead buyers or tenants as to savings or other benefits
that might be realized through use of the REALTOR®’s services.
(Amended 1/93) |
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| Standard of Practice 1-5 |
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| REALTORS® may represent the seller/landlord and buyer/tenant in the same transaction only after full disclosure to and with informed consent of both parties. (Adopted 1/93) |
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| Standard of Practice 1-6 |
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| REALTORS® shall submit offers and counter-offers objectively and as quickly as possible. (Adopted 1/93, Amended 1/95) |
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| Standard of Practice 1-7 |
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| When acting as listing brokers, REALTORS® shall continue to submit to the seller/landlord all offers and counter-offers until closing or execution of a lease unless the seller/landlord has waived this obligation in writing. REALTORS® shall not be obligated to continue to market the property after an offer has been accepted by the seller/landlord. REALTORS® shall recommend that sellers/landlords obtain the advice of legal counsel prior to acceptance of a subsequent offer except where the acceptance is contingent on the termination of the pre-existing purchase contract or lease. (Amended 1/93) |
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| Standard of Practice 1-8 |
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| REALTORS®, acting as agents or brokers of buyers/tenants, shall submit to buyers/tenants all offers and counter-offers until acceptance but have no obligation to continue to show properties to their clients after an offer has been accepted unless otherwise agreed in writing. REALTORS®, acting as agents or brokers of buyers/tenants, shall recommend that buyers/tenants obtain the advice of legal counsel if there is a question as to whether a ¬pre-existing contract has been terminated. (Adopted 1/93, Amended 1/99) |
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| Standard of Practice 1-9 |
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The obligation of REALTORS® to preserve confidential information (as defined by state law) provided by their clients in the course of any agency relationship or non-agency relationship recognized by law continues after termination of agency relationships or any non-agency relationships recognized by law. REALTORS® shall not knowingly, during or following the termination of professional relationships with their clients:
1) reveal confidential information of clients; or
2) use confidential information of clients to the disadvantage of clients; or
3) use confidential information of clients for the REALTOR®’s advantage or the advantage of third parties unless:
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d) it is necessary to defend a REALTOR® or the REALTOR®’s employees or associates against an accusation of wrongful conduct.
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| Information concerning latent material defects is not considered confidential information under this Code of Ethics. (Adopted 1/93, Amended 1/01) |
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| Standard of Practice 1-10 |
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| REALTORS® shall, consistent with the terms and conditions of their real estate licensure and their property management agreement, competently manage the property of clients with due regard for the rights, safety and health of tenants and others lawfully on the premises. (Adopted 1/95, Amended 1/00) |
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| Standard of Practice 1-11 |
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| REALTORS® who are employed to maintain or manage a client’s property shall exercise due diligence and make reasonable efforts to protect it against reasonably foreseeable contingencies and losses. (Adopted 1/95) |
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| Standard of Practice 1-12 |
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When entering into listing contracts, REALTORS® must advise sellers/ landlords of:
1) the REALTOR®’s company policies regarding cooperation and the amount(s) of any compensation that will be offered to subagents, buyer/tenant agents, and/or brokers acting in legally recognized non-agency capacities;
2) the fact that buyer/tenant agents or brokers, even if compensated by listing brokers, or by sellers/landlords may represent the interests of buyers/tenants; and
3) any potential for listing brokers to act as disclosed dual agents, e.g., buyer/tenant agents. (Adopted 1/93, Renumbered 1/98, Amended 1/03)
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| Standard of Practice 1-13 |
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When entering into buyer/tenant agreements, REALTORS® must advise potential clients of:
1) the REALTOR®’s company policies regarding cooperation;
2) the amount of compensation to be paid by the client;
3) the potential for additional or offsetting compensation from other brokers, from the seller or landlord, or from other parties;
4) any potential for the buyer/tenant representative to act as a disclosed dual agent, e.g., listing broker, subagent, landlord’s agent, etc., and
5) the possibility that sellers or sellers’ representatives may not treat the existence, terms, or conditions of offers as confidential unless confidentiality is required by law, regulation, or by any confidentiality agreement between the parties. (Adopted 1/93, Renumbered 1/98, Amended 1/06) |
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| Standard of Practice 1-14 |
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| Fees for preparing appraisals or other valuations shall not be contingent upon the amount of the appraisal or valuation.
(Adopted 1/02) |
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| Standard of Practice 1-15 |
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| REALTORS®, in response to inquiries from buyers or cooperating brokers shall, with the sellers’ approval, disclose the existence of offers on the property. Where disclosure is authorized, REALTORS® shall also disclose whether offers were obtained by the listing licensee, another licensee in the listing firm, or by a cooperating broker. (Adopted 1/03, Amended 1/06) |
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| REALTORS® shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction. REALTORS® shall not, however, be obligated to discover latent defects in the property, to advise on matters outside the scope of their real estate license, or to disclose facts which are confidential under the scope of agency or non-agency relationships as defined by state law. (Amended 1/00) |
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| Standard of Practice 2-1 |
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| REALTORS® shall only be obligated to discover and disclose adverse factors reasonably apparent to someone with expertise in those areas required by their real estate licensing authority. Article 2 does not impose upon the REALTOR® the obligation of expertise in other professional or technical disciplines. (Amended 1/96) |
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| Standard of Practice 2-2 |
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| (Renumbered as Standard of Practice 1-12 1/98) |
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| Standard of Practice 2-3 |
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| (Renumbered as Standard of Practice 1-13 1/98) |
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| Standard of Practice 2-4 |
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| REALTORS® shall not be parties to the naming of a false consideration in any document, unless it be the naming of an obviously nominal consideration. |
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| Standard of Practice 2-5 |
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| Factors defined as "non-material" by law or regulation or which are expressly referenced in law or regulation as not being subject to disclosure are considered not "pertinent" for purposes of Article 2. (Adopted 1/93) |
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| REALTORS® shall cooperate with other brokers except when cooperation is not in the client's best interest. The obligation to cooperate does not include the obligation to share commissions, fees, or to otherwise compensate another broker. (Amended 1/95) |
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| Standard of Practice 3-1 |
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| REALTORS®, acting as exclusive agents or brokers of sellers/landlords, establish the terms and conditions of offers to cooperate. Unless expressly indicated in offers to cooperate, cooperating brokers may not assume that the offer of cooperation includes an offer of compensation. Terms of compensation, if any, shall be ascertained by cooperating brokers before beginning efforts to accept the offer of cooperation. (Amended 1/99) |
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| Standard of Practice 3-2 |
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| REALTORS® shall, with respect to offers of compensation to another REALTOR®, timely communicate any change of compensation for cooperative services to the other REALTOR® prior to the time such REALTOR® produces an offer to purchase/lease the property.
(Amended 1/94) |
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| Standard of Practice 3-3 |
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| Standard of Practice 3-2 does not preclude the listing broker and cooperating broker from entering into an agreement to change cooperative compensation. (Adopted 1/94) |
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| Standard of Practice 3-4 |
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| REALTORS®, acting as listing brokers, have an affirmative obligation to disclose the existence of dual or variable rate commission arrangements (i.e., listings where one amount of commission is payable if the listing broker's firm is the procuring cause of sale/lease and a different amount of commission is payable if the sale/lease results through the efforts of the seller/landlord or a cooperating broker). The listing broker shall, as soon as practical, disclose the existence of such arrangements to potential cooperating brokers and shall, in response to inquiries from cooperating brokers, disclose the differential that would result in a cooperative transaction or in a sale/lease that results through the efforts of the seller/landlord. If the cooperating broker is a buyer/tenant representative, the buyer/ tenant representative must disclose such information to their client before the client makes an offer to purchase or lease. (Amended 1/02) |
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| Standard of Practice 3-5 |
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| It is the obligation of subagents to promptly disclose all pertinent facts to the principal's agent prior to as well as after a purchase or lease agreement is executed. (Amended 1/93) |
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| Standard of Practice 3-6 |
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| REALTORS® shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation. (Adopted 5/86, Amended 1/04) |
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| Standard of Practice 3-7 |
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| When seeking information from another REALTOR® concerning property under a management or listing agreement, REALTORS® shall disclose their REALTOR® status and whether their interest is personal or on behalf of a client and, if on behalf of a client, their representational status. (Amended 1/95) |
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| Standard of Practice 3-8 |
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| REALTORS® shall not misrepresent the availability of access to show or inspect a listed property. (Amended 11/87) |
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| REALTORS® shall not acquire an interest in or buy or present offers from themselves, any member of their immediate families, their firms or any member thereof, or any entities in which they have any ownership interest, any real property without making their true position known to the owner or the owner's agent or broker. In selling property they own, or in which they have any interest, REALTORS® shall reveal their ownership or interest in writing to the purchaser or the purchaser's representative. (Amended 1/00) |
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| Standard of Practice 4-1 |
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| For the protection of all parties, the disclosures required by Article 4 shall be in writing and provided by REALTORS® prior to the signing of any contract. (Adopted 2/86) |
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| REALTORS® shall not undertake to provide professional services concerning a property or its value where they have a present or contemplated interest unless such interest is specifically disclosed to all affected parties. |
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REALTORS® shall not accept any commission, rebate, or profit on expenditures made for their client, without the client's knowledge and consent.
When recommending real estate products or services (e.g., homeowner's insurance, warranty programs, mortgage financing, title insurance, etc.), REALTORS® shall disclose to the client or customer to whom the recommendation is made any financial benefits or fees, other than real estate referral fees, the REALTOR® or REALTOR®'s firm may receive as a direct result of such recommendation. (Amended 1/99)
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| Standard of Practice 6-1 |
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| REALTORS® shall not recommend or suggest to a client or a customer the use of services of another organization or business entity in which they have a direct interest without disclosing such interest at the time of the recommendation or suggestion. (Amended 5/88) |
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| In a transaction, REALTORS® shall not accept compensation from more than one party, even if permitted by law, without disclosure to all parties and the informed consent of the REALTOR®'s client or clients. (Amended 1/93) |
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| REALTORS® shall keep in a special account in an appropriate financial institution, separated from their own funds, monies coming into their possession in trust for other persons, such as escrows, trust funds, clients' monies, and other like items. |
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| REALTORS®, for the protection of all parties, shall assure whenever possible that all agreements related to real estate transactions including, but not limited to, listing and representation agreements, purchase contracts, and leases are in writing in clear and understandable language expressing the specific terms, conditions, obligations and commitments of the parties. A copy of each agreement shall be furnished to each party to such agreements upon their signing or initialing. (Amended 1/04) |
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| Standard of Practice 9-1 |
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| For the protection of all parties, REALTORS® shall use reasonable care to ensure that documents pertaining to the purchase, sale, or lease of real estate are kept current through the use of written extensions or amendments. (Amended 1/93) |
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| Standard of Practice 9-2 |
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| When assisting or enabling a client or customer in establishing a contractual relationship (e.g., listing and representation agreements, purchase agreements, leases, etc.) electronically, REALTORS® shall make reasonable efforts to explain the nature and disclose the specific terms of the contractual relationship being established prior to it being agreed to by a contracting party. (Adopted 1/07) |
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REALTORS® shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, or national origin. REALTORS® shall not be parties to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status, or national origin. (Amended 1/90)
REALTORS®, in their real estate employment practices, shall not discriminate against any person or persons on the basis of race, color, religion, sex, handicap, familial status, or national origin.
(Amended 1/00) |
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| Standard of Practice 10-1 |
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| When involved in the sale or lease of a residence, REALTORS® shall not volunteer information regarding the racial, religious or ethnic composition of any neighborhood nor shall they engage in any activity which may result in panic selling, however, REALTORS® may provide other demographic information. (Adopted 1/94, Amended 1/06) |
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| Standard of Practice 10-2 |
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| When not involved in the sale or lease of a residence, REALTORS® may provide demographic information related to a property, transaction or professional assignment to a party if such demographic information is (a) deemed by the REALTOR® to be needed to assist with or complete, in a manner consistent with Article 10, a real estate transaction or professional assignment and (b) is obtained or derived from a recognized, reliable, independent, and impartial source. The source of such information and any additions, deletions, modifications, interpretations, or other changes shall be disclosed in reasonable detail. (Adopted 1/05, Renumbered 1/06) |
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| Standard of Practice 10-3 |
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| REALTORS® shall not print, display or circulate any statement or advertisement with respect to selling or renting of a property that indicates any preference, limitations or discrimination based on race, color, religion, sex, handicap, familial status, or national origin. (Adopted 1/94, Renumbered 1/05 and 1/06) |
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| Standard of Practice 10-4 |
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| As used in Article 10 "real estate employment practices" relates to employees and independent contractors providing real estate-related services and the administrative and clerical staff directly supporting those individuals. (Adopted 1/00, Renumbered 1/05 and 1/06) |
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The services which REALTORS® provide to their clients and customers shall conform to the standards of practice and competence which are reasonably expected in the specific real estate disciplines in which they engage; specifically, residential real estate brokerage, real property management, commercial and industrial real estate brokerage, real estate appraisal, real estate counseling, real estate syndication, real estate auction, and international real estate.
REALTORS® shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client. Any persons engaged to provide such assistance shall be so identified to the client and their contribution to the assignment should be set forth. (Amended 1/95) |
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| Standard of Practice 11-1 |
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When REALTORS® prepare opinions of real property value or price, other than in pursuit of a listing or to assist a potential purchaser in formulating a purchase offer, such opinions shall include the following:
1) identification of the subject property
2) date prepared
3) defined value or price
4) limiting conditions, including statements of purpose(s) and intended user(s)
5) any present or contemplated interest, including the possibility of representing the seller/landlord or buyers/tenants
6) basis for the opinion, including applicable market data
7) if the opinion is not an appraisal, a statement to that effect (Amended 1/01) |
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| Standard of Practice 11-2 |
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| The obligations of the Code of Ethics in respect of real estate disciplines other than appraisal shall be interpreted and applied in accordance with the standards of competence and practice which clients and the public reasonably require to protect their rights and interests considering the complexity of the transaction, the availability of expert assistance, and, where the REALTOR® is an agent or subagent, the obligations of a fiduciary. (Adopted 1/95) |
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| Standard of Practice 11-3 |
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| When REALTORS® provide consultive services to clients which involve advice or counsel for a fee (not a commission), such advice shall be rendered in an objective manner and the fee shall not be contingent on the substance of the advice or counsel given. If brokerage or transaction services are to be provided in addition to consultive services, a separate compensation may be paid with prior agreement between the client and REALTOR®. (Adopted 1/96) |
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| Standard of Practice 11-4 |
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| The competency required by Article 11 relates to services contracted for between REALTORS® and their clients or customers; the duties expressly imposed by the Code of Ethics; and the duties imposed by law or regulation. (Adopted 1/02) |
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| REALTORS® shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing, and other representations. REALTORS® shall ensure that their status as real estate professionals is readily apparent in their advertising, marketing, and other representations, and that the recipients of all real estate communications are, or have been, notified that those communications are from a real estate professional. (Amended 1/08) |
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| Standard of Practice 12-1 |
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| REALTORS® may use the term "free" and similar terms in their advertising and in other representations provided that all terms governing availability of the offered product or service are clearly disclosed at the same time. (Amended 1/97) |
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| Standard of Practice 12-2 |
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| REALTORS® may represent their services as "free" or without cost
even if they expect to receive compensation from a source other than their client provided that the potential for the REALTOR® to obtain a benefit from a third party is clearly disclosed at the same time. (Amended 1/97) |
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| Standard of Practice 12-3 |
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| The offering of premiums, prizes, merchandise discounts or other inducements to list, sell, purchase, or lease is not, in itself, unethical even if receipt of the benefit is contingent on listing, selling, purchasing, or leasing through the REALTOR® making the offer. However, REALTORS® must exercise care and candor in any such advertising or other public or private representations so that any party interested in receiving or otherwise benefiting from the REALTOR®'s offer will have clear, thorough, advance understanding of all the terms and conditions of the offer. The offering of any inducements to do business is subject to the limitations and restrictions of state law and the ethical obligations established by any applicable Standard of Practice. (Amended 1/95) |
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| Standard of Practice 12-4 |
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| REALTORS® shall not offer for sale/lease or advertise property without authority. When acting as listing brokers or as subagents, REALTORS® shall not quote a price different from that agreed upon with the seller/landlord. (Amended 1/93) |
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| Standard of Practice 12-5 |
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| REALTORS® shall not advertise nor permit any person employed by or affiliated with them to advertise listed property in any medium (e.g., electronically, print, radio, television, etc.) without disclosing the name of that REALTOR®'s firm in a reasonable and readily apparent manner. (Adopted 11/86, Amended 1/07) |
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| Standard of Practice 12-6 |
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| REALTORS®, when advertising unlisted real property for sale/lease in which they have an ownership interest, shall disclose their status as both owners/landlords and as REALTORS® or real estate licensees. (Amended 1/93) |
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| Standard of Practice 12-7 |
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| Only REALTORS® who participated in the transaction as the listing broker or cooperating broker (selling broker) may claim to have "sold" the property. Prior to closing, a cooperating broker may
post a "sold" sign only with the consent of the listing broker. (Amended 1/96) |
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| Standard of Practice 12-8 |
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| The obligation to present a true picture in representations to the
public includes information presented, provided, or displayed on REALTORS®' websites. REALTORS® shall use reasonable efforts to ensure that information on their websites is current. When it becomes apparent that information on a REALTOR®'s website is no longer current or accurate, REALTORS® shall promptly take corrective action. (Adopted 1/07) |
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| Standard of Practice 12-9 |
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| REALTOR® firm websites shall disclose the firm's name and state(s) of licensure in a reasonable and readily apparent manner.
Websites of REALTORS® and non-member licensees affiliated with a REALTOR® firm shall disclose the firm's name and that REALTOR®'s or non-member licensee's state(s) of licensure in a reasonable and readily apparent manner. (Adopted 1/07) |
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| Standard of Practice 12-10 |
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REALTORS®' obligation to present a true picture in their advertising and representations to the public includes the URLs and domain names they use, and prohibits REALTORS® from:
1) engaging in deceptive or unauthorized framing of real estate brokerage websites;
2) manipulating (e.g., presenting content developed by others) listing content in any way that produces a deceptive or misleading result; or
3) deceptively using metatags, keywords or other devices/ methods to direct, drive, or divert Internet traffic, or to otherwise mislead consumers. (Adopted 1/07) |
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| Standard of Practice 12-11 |
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| REALTORS® intending to share or sell consumer information gathered via the Internet shall disclose that possibility in a reasonable and readily apparent manner. (Adopted 1/07) |
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| Standard of Practice 12-12 |
REALTORS® shall not:
1) use URLs or domain names that present less than a true picture, or
2) register URLs or domain names which, if used, would present less than a true picture. (Adopted 1/08) |
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| Standard of Practice 12-13 |
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| The obligation to present a true picture in advertising, marketing, and representations allows REALTORS® to use and display only professional designations, certifications, and other credentials to which they are legitimately entitled. (Adopted 1/08) |
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| REALTORS® shall not engage in activities that constitute the unauthorized practice of law and shall recommend that legal counsel be obtained when the interest of any party to the transaction requires it. |
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| If charged with unethical practice or asked to present evidence or to cooperate in any other way, in any professional standards proceeding or investigation, REALTORS® shall place all pertinent facts before the proper tribunals of the Member Board or affiliated institute, society, or council in which membership is held and shall take no action to disrupt or obstruct such processes. (Amended 1/99) |
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| Standard of Practice 14-1 |
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| REALTORS® shall not be subject to disciplinary proceedings in more than one Board of REALTORS® or affiliated institute, society, or council in which they hold membership with respect to alleged violations of the Code of Ethics relating to the same transaction or event. (Amended 1/95) |
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| Standard of Practice 14-2 |
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| REALTORS® shall not make any unauthorized disclosure or dissemination of the allegations, findings, or decision developed in connection with an ethics hearing or appeal or in connection with an arbitration hearing or procedural review. (Amended 1/92) |
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| Standard of Practice 14-3 |
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| REALTORS® shall not obstruct the Board's investigative or professional standards proceedings by instituting or threatening to institute actions for libel, slander, or defamation against any party to a professional standards proceeding or their witnesses based on the filing of an arbitration request, an ethics complaint, or testimony given before any tribunal. (Adopted 11/87, Amended 1/99) |
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| Standard of Practice 14-4 |
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| REALTORS® shall not intentionally impede the Board's investigative or disciplinary proceedings by filing multiple ethics complaints based on the same event or transaction. (Adopted 11/88) |
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| REALTORS® shall not knowingly or recklessly make false or misleading statements about competitors, their businesses, or their business practices. (Amended 1/92) |
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| Standard of Practice 15-1 |
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| REALTORS® shall not knowingly or recklessly file false or unfounded ethics complaints. (Adopted 1/00) |
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| Standard of Practice 15-2 |
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| The obligation to refrain from making false or misleading statements about competitors' businesses and competitors' business practices includes the duty to not knowingly or recklessly repeat, retransmit, or republish false or misleading statements made by others. This duty applies whether false or misleading statements are repeated in person, in writing, by technological means (e.g., the Internet), or by any other means. (Adopted 1/07) |
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| REALTORS® shall not engage in any practice or take any action inconsistent with exclusive representation or exclusive brokerage relationship agreements that other REALTORS® have with clients. (Amended 1/04) |
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| Standard of Practice 16-1 |
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| Article 16 is not intended to prohibit aggressive or innovative business practices which are otherwise ethical and does not prohibit disagreements with other REALTORS® involving commission, fees, compensation or other forms of payment or expenses. (Adopted 1/93, Amended 1/95) |
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| Standard of Practice 16-2 |
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Article 16 does not preclude REALTORS® from making general announcements to prospects describing their services and the terms of their availability even though some recipients may have entered into agency agreements or other exclusive relationships with another REALTOR®. A general telephone canvass, general mailing or distribution addressed to all prospects in a given geographical area or in a given profession, business, club, or organization, or other classification or group is deemed "general" for purposes of this standard. (Amended 1/04)
Article 16 is intended to recognize as unethical two basic types of solicitations:
First, telephone or personal solicitations of property owners who have been identified by a real estate sign, multiple listing compilation, or other information service as having exclusively listed their property with another REALTOR®; and
Second, mail or other forms of written solicitations of prospects whose properties are exclusively listed with another REALTOR® when such solicitations are not part of a general mailing but are directed specifically to property owners identified through compilations of current listings, "for sale" or "for rent" signs, or other sources of information required by Article 3 and Multiple Listing Service rules to be made available to other REALTORS® under offers of sub agency or cooperation. (Amended 1/04) |
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| Standard of Practice 16-3 |
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| Article 16 does not preclude REALTORS® from contacting the client of another broker for the purpose of offering to provide, or entering into a contract to provide, a different type of real estate service unrelated to the type of service currently being provided (e.g., property management as opposed to brokerage) or from offering the same type of service for property not subject to other brokers' exclusive agreements. However, information received through a Multiple Listing Service or any other offer of cooperation may not be used to target clients of other REALTORS® to whom such offers to provide services may be made. (Amended 1/04) |
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| Standard of Practice 16-4 |
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| REALTORS® shall not solicit a listing which is currently listed exclusively with another broker. However, if the listing broker, when asked by the REALTOR®, refuses to disclose the expiration date and nature of such listing; i.e., an exclusive right to sell, an exclusive agency, open listing, or other form of contractual agreement between the listing broker and the client, the REALTOR® may contact the owner to secure such information and may discuss the terms upon which the REALTOR® might take a future listing or, alternatively, may take a listing to become effective upon expiration of any existing exclusive listing. (Amended 1/94) |
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| Standard of Practice 16-5 |
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| REALTORS® shall not solicit buyer/tenant agreements from buyers/ tenants who are subject to exclusive buyer/tenant agreements. However, if asked by a REALTOR®, the broker refuses to disclose the expiration date of the exclusive buyer/tenant agreement, the REALTOR® may contact the buyer/tenant to secure such information and may discuss the terms upon which the REALTOR® might enter into a future buyer/tenant agreement or, alternatively, may enter into a buyer/tenant agreement to become effective upon the expiration of any existing exclusive buyer/tenant agreement. (Adopted 1/94, Amended 1/98) |
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| Standard of Practice 16-6 |
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| When REALTORS® are contacted by the client of another REALTOR® regarding the creation of an exclusive relationship to provide the same type of service, and REALTORS® have not directly or indirectly initiated such discussions, they may discuss the terms upon which they might enter into a future agreement or, alternatively, may enter into an agreement which becomes effective upon expiration of any existing exclusive agreement. (Amended 1/98) |
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| Standard of Practice 16-7 |
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| The fact that a prospect has retained a REALTOR® as an exclusive representative or exclusive broker in one or more past transactions does not preclude other REALTORS® from seeking such prospect's future business. (Amended 1/04) |
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| Standard of Practice 16-8 |
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| The fact that an exclusive agreement has been entered into with a REALTOR® shall not preclude or inhibit any other REALTOR® from entering into a similar agreement after the expiration of the prior agreement. (Amended 1/98) |
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| Standard of Practice 16-9 |
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| REALTORS®, prior to entering into a representation agreement, have an affirmative obligation to make reasonable efforts to determine whether the prospect is subject to a current, valid exclusive agreement to provide the same type of real estate service. (Amended 1/04) |
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| Standard of Practice 16-10 |
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| REALTORS®, acting as buyer or tenant representatives or brokers, shall disclose that relationship to the seller/landlord's representative or broker at first contact and shall provide written confirmation of that disclosure to the seller/landlord's representative or broker not later than execution of a purchase agreement or lease. (Amended 1/04) |
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| Standard of Practice 16-11 |
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On unlisted property, REALTORS® acting as buyer/tenant representatives or brokers shall disclose that relationship to the seller/landlord at first contact for that buyer/tenant and shall provide written confirmation of such disclosure to the seller/landlord not later than execution of any purchase or lease agreement. (Amended 1/04)
REALTORS® shall make any request for anticipated compensation from the seller/landlord at first contact. (Amended 1/98) |
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| Standard of Practice 16-12 |
| REALTORS®, acting as representatives or brokers of sellers/ landlords or as subagents of listing brokers, shall disclose that relationship to buyers/tenants as soon as practicable and shall provide written confirmation of such disclosure to buyers/tenants not later than execution of any purchase or lease agreement. (Amended 1/04) |
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| Standard of Practice 16-13 |
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All dealings concerning property exclusively listed, or with buyer/tenants who are subject to an exclusive agreement shall be carried on with the client's representative or broker, and not with the client, except with the consent of the client's representative or broker or except where such dealings are initiated by the client.
Before providing substantive services (such as writing a purchase offer or presenting a CMA) to prospects, REALTORS® shall ask prospects whether they are a party to any exclusive representation agreement. REALTORS® shall not knowingly provide substantive services concerning a prospective transaction to prospects who are parties to exclusive representation agreements, except with the consent of the prospects' exclusive representatives or at the direction of prospects. (Adopted 1/93, Amended 1/04) |
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| Standard of Practice 16-14 |
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| REALTORS® are free to enter into contractual relationships or to negotiate with sellers/landlords, buyers/tenants or others who are not subject to an exclusive agreement but shall not knowingly obligate them to pay more than one commission except with their informed consent. (Amended 1/98) |
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| Standard of Practice 16-15 |
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| In cooperative transactions REALTORS® shall compensate cooperating REALTORS® (principal brokers) and shall not compensate nor offer to compensate, directly or indirectly, any of the sales licensees employed by or affiliated with other REALTORS® without the prior express knowledge and consent of the cooperating broker. |
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| Standard of Practice 16-16 |
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| REALTORS®, acting as subagents or buyer/tenant representatives or brokers, shall not use the terms of an offer to purchase/lease to attempt to modify the listing broker's offer of compensation to subagents or buyer/tenant representatives or brokers nor make the submission of an executed offer to purchase/lease contingent on the listing broker's agreement to modify the offer of compensation. (Amended 1/04) |
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| Standard of Practice 16-17 |
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| REALTORS®, acting as subagents or as buyer/tenant representatives or brokers, shall not attempt to extend a listing broker's offer of cooperation and/or compensation to other brokers without the consent of the listing broker. (Amended 1/04) |
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| Standard of Practice 16-18 |
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| REALTORS® shall not use information obtained from listing brokers through offers to cooperate made through multiple listing services or through other offers of cooperation to refer listing brokers' clients to other brokers or to create buyer/tenant relationships with listing brokers' clients, unless such use is authorized by listing brokers. (Amended 1/02) |
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| Standard of Practice 16-19 |
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| Signs giving notice of property for sale, rent, lease, or exchange shall not be placed on property without consent of the seller/landlord. (Amended 1/93) |
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| Standard of Practice 16-20 |
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| REALTORS®, prior to or after terminating their relationship with their current firm, shall not induce clients of their current firm to cancel exclusive contractual agreements between the client and that firm. This does not preclude REALTORS® (principals) from establishing agreements with their associated licensees governing assignability of exclusive agreements. (Adopted 1/98) |
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In the event of contractual disputes or specific non-contractual disputes as defined in Standard of Practice 17-4 between REALTORS® (principals) associated with different firms, arising out of their relationship as REALTORS®, the REALTORS® shall submit the dispute to arbitration in accordance with the regulations of their Board or Boards rather than litigate the matter.
In the event clients of REALTORS® wish to arbitrate contractual disputes arising out of real estate transactions, REALTORS® shall arbitrate those disputes in accordance with the regulations of their Board, provided the clients agree to be bound by the decision.
The obligation to participate in arbitration contemplated by this Article includes the obligation of REALTORS® (principals) to cause their firms to arbitrate and be bound by any award. (Amended 1/01) |
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| Standard of Practice 17-1 |
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| The filing of litigation and refusal to withdraw from it by REALTORS® in an arbitrable matter constitutes a refusal to arbitrate. (Adopted 2/86) |
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| Standard of Practice 17-2 |
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| Article 17 does not require REALTORS® to arbitrate in those circumstances when all parties to the dispute advise the Board
in writing that they choose not to arbitrate before the Board. (Amended 1/93) |
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| Standard of Practice 17-3 |
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| REALTORS®, when acting solely as principals in a real estate transaction, are not obligated to arbitrate disputes with other REALTORS® absent a specific written agreement to the contrary. (Adopted 1/96) |
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| Standard of Practice 17-4 |
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Specific non-contractual disputes that are subject to arbitration pursuant to Article 17 are:
1) Where a listing broker has compensated a cooperating broker and another cooperating broker subsequently claims to be the procuring cause of the sale or lease. In such cases the complainant may name the first cooperating broker as respondent and arbitration may proceed without the listing broker being named as a respondent. When arbitration occurs between two (or more) cooperating brokers and where the listing broker is not a party, the amount in dispute and the amount of any potential resulting award is limited to the amount paid to the respondent by the listing broker and any amount credited or paid to a party to the transaction at the direction of the respondent. Alternatively, if the complaint is brought against the listing broker, the listing broker may name the first cooperating broker as a third-party respondent. In either instance the decision of the hearing panel as to procuring cause shall be conclusive with respect to all current or subsequent claims of the parties for compensation arising out of the underlying cooperative transaction. (Adopted 1/97, Amended 1/07)
2) Where a buyer or tenant representative is compensated by the seller or landlord, and not by the listing broker, and the listing broker, as a result, reduces the commission owed by the seller or landlord and, subsequent to such actions, another cooperating broker claims to be the procuring cause of sale or lease. In such cases the complainant may name the first cooperating broker as respondent and arbitration may proceed without the listing broker being named as a respondent. When arbitration occurs between two (or more) cooperating brokers and where the listing broker is not a party, the amount in dispute and the amount of any potential resulting award is limited to the amount paid to the respondent by the seller or landlord and any amount credited or paid to a party to the transaction at the direction of the respondent. Alternatively, if the complaint is brought against the listing broker, the listing broker may name the first cooperating broker as a third-party respondent. In either instance the decision of the hearing panel as to procuring cause shall be conclusive with respect to all current or subsequent claims of the parties for compensation arising out of the underlying cooperative transaction. (Adopted 1/97, Amended 1/07)
3) Where a buyer or tenant representative is compensated by the buyer or tenant and, as a result, the listing broker reduces the commission owed by the seller or landlord and, subsequent to such actions, another cooperating broker claims to be the procuring cause of sale or lease. In such cases the complainant may name the first cooperating broker as respondent and arbitration may proceed without the listing broker being named as a respondent. Alternatively, if the complaint is brought against the listing broker, the listing broker may name the first cooperating broker as a
third-party respondent. In either instance the decision of the hearing panel as to procuring cause shall be conclusive with
respect to all current or subsequent claims of the parties for compensation arising out of the underlying cooperative transaction. (Adopted 1/97)
4) Where two or more listing brokers claim entitlement to compensation pursuant to open listings with a seller or landlord who agrees to participate in arbitration (or who requests arbitration) and who agrees to be bound by the decision. In cases where one of the listing brokers has been compensated by the seller or landlord, the other listing broker, as complainant, may name the first listing broker as respondent and arbitration may proceed between the brokers. (Adopted 1/97)
5) Where a buyer or tenant representative is compensated by the seller or landlord, and not by the listing broker, and the listing broker, as a result, reduces the commission owed by the seller or landlord and, subsequent to such actions, claims to be the procuring cause of sale or lease. In such cases arbitration shall be between the listing broker and the buyer or tenant representative and the amount in dispute is limited to the amount of the reduction of commission to which the listing broker agreed. (Adopted 1/05) |
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| Standard of Practice 17-5 |
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The obligation to arbitrate established in Article 17 includes disputes between REALTORS® (principals) in different states in instances where, absent an established inter-association arbitration agreement, the REALTOR® (principal) requesting arbitration agrees to submit to the jurisdiction of, travel to, participate in, and be bound by any resulting award rendered in arbitration conducted by the respondent(s) REALTOR®'s association, in instances where the respondent(s)REALTOR®'s association determines that an arbitrable issue exists. (Adopted 1/07)
The Code of Ethics was adopted in 1913. Amended at the Annual Convention in 1924, 1928, 1950, 1951, 1952, 1955, 1956, 1961, 1962, 1974, 1982, 1986, 1987, 1989, 1990, 1991, 1992, 1993, 1994, 1995, 1996, 1997, 1998, 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006 and 2007.
Explanatory Notes
The reader should be aware of the following policies which have been approved by the Board of Directors of the National Association:
In filing a charge of an alleged violation of the Code of Ethics by a REALTOR®, the charge must read as an alleged violation of one or more Articles of the Code. Standards of Practice may be cited in support of the charge.
The Standards of Practice serve to clarify the ethical obligations imposed by the various Articles and supplement, and do not substitute for, the Case Interpretations in Interpretations of the Code of Ethics.
Modifications to existing Standards of Practice and additional new Standards of Practice are approved from time to time. Readers are cautioned to ensure that the most recent publications are utilized. |
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| Sotheby's Auction House |
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| www.sothebys.com |
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On March 11, 1744, Samuel Baker, founder of Sotheby's, held the first-ever sale under his own name. The library of a certain Rt. Hon. Sir John Stanley, Bart. Described as "containing several Hundred scarce and valuable books in all branches of Polite Literature" sold for a few hundred pounds. Well over two centuries later, on December 6, 1983, Sotheby's sold a single book, The Gospels of Henry the Lion, for more than 8 million pounds.
Since those early days, it is not just prices that have grown considerably. So too have the scope and scale of Sotheby's itself. Samuel Baker would hardly recognize his old firm, were he to take a stroll down London's present day New Bond Street - or, for that matter, down Manhattan's York Avenue. It has only been in the last century, after all, that the original London company has expanded from book auctions to cover all areas of the fine and decorative arts. This great expansion means that Sotheby's is not just one of the oldest fine art auctioneers in the world, but also now the largest. There are more than 100 Sotheby's offices around the world; and, in 1998, auction sales produced a turnover of just under $2 billion.
Modest though Samuel Baker's first sale might seem today, he was not without connections - or ambitions. Indeed, he and his successors were to handle, with great panache and showmanship, many of the great libraries sold at auction. On Napoleon's death, the books the French Emperor had taken with him into exile on St. Helena were sent to Sotheby's for sale. Additionally, libraries from Prince Talleyrand, John Wilkes, Benjamin Heywood Bright, the Marquis of Lansdowne, and the Dukes of Devonshire and Buckingham were all sold through Samuel Baker's auctions.
When Baker died in 1778, his estate was divided between his partner at the time, George Leigh, and his nephew, John Sotheby. For the next 80 years, the Sotheby family dominated the firm and extended its role into such related areas as prints, medals and coins. By the end of the First World War, the firm had so successfully expanded its role in the art market that new premises were required. In 1917, Sotheby's moved from its Wellington Street location to its famous New Bond Street saleroom, which has remained its London base ever since.
Arrival in fashionable New Bond Street also heralded a new era during which the turnover for paintings and other works of art finally began to outstrip books and literary property. This move towards a wider sales arena was a very deliberate one, and the charge was led in the area of Old Master Paintings and Drawings. This diversification effort paved the way for the explosive growth of the firm under the leadership of Peter Wilson.
Wilson, who joined the firm in 1936, took Sotheby's onto the global stage. He ensured the firm's readiness to capitalize on the meteoric rise in popularity of Impressionist and Modern paintings. Perhaps the single most sensational and ultimately influential sale during Wilson's tenure was the famous Goldschmidt sale of 1958.
The Goldschmidt collection comprised seven of the most exquisite Impressionist and Modern paintings ever to come to auction. An evening auction was decided upon - the first at Sotheby's since the 18th century - and those attending were to wear evening dress. Fourteen hundred did attend; including Somerset Maugham, Anthony Quinn, Kirk Douglas, and Lady Churchill as well as hundreds of art dealers from all over the world. The seven pictures were all sold in just 21 minutes. They fetched £781,000, the highest total ever reached at that time at a fine art sale. Cezanne's Garcon au Gilet Rouge was sold to Paul Mellon for £220,000, more than five times the previous record for a painting at auction. It was one of the social highlights of the year, and possibly the most exciting art auction of the century.
Largely thanks to the vision of Peter Wilson, Sotheby's recognized long before its rivals that art was becoming an international market. It was because of this that the company opened an office in New York in 1955; and, more importantly, acquired Parke-Bernet in 1964. Parke-Bernet was the United State's largest fine art auction house, and following its acquisition by Sotheby's, became crucially involved in the rapidly developing North American market for Impressionist and Modern paintings.
Parke-Bernet, and its President Louis Marion, had a distinguished history of selling major collections at record prices. The most dramatic moment for the firm came in 1961, when Marion oversaw the sale of Rembrandt's Aristotle Contemplating the Bust of Homer to The Metropolitan Museum of Art for a record $2,300,000. That record stood for 18 years, until it was broken in a Sotheby's sale by another Marion - his son John, who later became the firm's Chairman.
With the greatest American auction house now a part of Sotheby's, the company looked elsewhere for further opportunities. In 1967, offices opened in Paris, Los Angeles and Houston. In 1968 it was Melbourne, Florence and Toronto. In 1969, Zurich, Munich and Edinburgh joined the list. Expansion continued throughout the 1970s, with offices opening across much of Europe, a provincial network in Britain, offices in Asia as well as numerous new addresses across the United States.
Along with many other businesses at the time, Sotheby's chose this period of rapid growth to "go public." The share issue in 1977 was oversubscribed 26 times, and within 18 months the value of a share had more than doubled.
The early 1980s, a period of market and corporate uncertainty, was followed in 1983 by the acquisition of Sotheby's by businessman A. Alfred Taubman and a small group of investors. Led by Michael Ainslie, Sotheby's once again became a private company.
At the same time, the art market was revitalized by several important sales that set the stage for the series of auctions at Sotheby's which have entered the history books for their drama, their prices and for the way they captured the public's imagination.
One of the most stunning auctions, held on the shores of Lake Geneva in 1987, was the sale of the jewels of the Duchess of Windsor. In an intensely competitive environment, bids via satellite from New York vied with bids from a celebrity audience and from phone buyers around the world. Over $50,000,000 was raised during the course of the sale - more than five times Sotheby's highest expectations.
Anything seemed possible in the late 1980s. In 1989, for example, the firm sold Impressionist and Modern art totaling a staggering $1.1 billion in New York and London. Indeed, by the end of the decade, prices had risen to such levels that auctions attracted global media attention on an unprecedented scale. With these successes in hand, the company went public for the second time in 1988.
As the 1990s began, the all-embracing chill of a global recession made its mark on the art market just as emphatically as it did on so many other markets. With the perspective that 250 years of history provides, though, Sotheby's has learned to manage these art cycles and has seen recovery follow recession a number of times.
In fact, Sotheby's grew considerably in the subsequent decade. Both of the firm's main locations, London and New York, undertook extensive expansions and renovations in the 1990s. In London in 2001, Sotheby's opened premises at Olympia to complement sales at the firm's New Bond Street headquarters, almost doubling Sotheby's gallery space in London. State-of-the-art features and technology provide the most professional and comprehensive level of client service of any UK saleroom.
Sotheby's New York also underwent an exciting expansion project. Completed in the spring of 2000, the firm added six additional floors to the York Avenue headquarters, allowing Sotheby's to consolidate New York office and warehouse space and provide specialist departments with their own exhibition spaces. The finished result is highlighted by a tenth floor gallery that has been called "one of the great dramatic exhibition spaces of New York...an environment to rival almost any of the city's museums."
In 2000, Sotheby's became the first international art auction house to hold auctions on the Internet. Sothebys.com was the venue for some dramatic and unprecedented successes, such as the sale of a first printing of the Declaration of Independence for more than $8 million, 21 panels of the historic Boston Garden floor, and a masterwork by Frederick, Lord Leighton. In addition, Sotheby's opened its traditional saleroom auctions to Internet bidding through the eBay Live Auctions service. Although no longer an auction venue, Sotheby's website remains a vital tool for the dissemination of information and news about the auction house worldwide, and select sales are open for bids via the Internet.
Whether expanding our infrastructure or exploring cyberspace, Sotheby's continues to demonstrate innovation and responsiveness to the needs of our ever-expanding international clientele. As our clients' needs and collecting tastes evolve, Sotheby's flexibility and unwavering focus on expertise and client service will remain our hallmarks into the 21st century. |
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| History of Sotheby's International Realty Affiliates LLC |
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| Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty® network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation (then Cendant Corporation), the world's leading real estate brokerage franchisor, entered into a long-term strategic alliance with Sotheby's Holdings, Inc. (LSE: STBA). The agreement provided for the licensing of the Sotheby's International Realty® name and the development of a full franchise system by Sotheby's International Realty Affiliates LLC., a subsidiary of Realogy Corporation. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby's International Realty Affiliates LLC. Supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable, 260-year-old Sotheby's auction house. |
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