Just months after it was acquired by Compass, Christie’s International Real Estate has appointed a new president focused on the luxury brand’s growth.
On Tuesday, executives announced that Gavin Swartzman would join the brand, leading alongside co-CEOs Mike Golden and Thad Wong. Swartzman will “oversee global expansion and strategy for the luxury real estate network,” according to a news release.
Swartzman formerly served as CEO of Toronto-based holdings company Peerage Realty Partners. Peerage’s companies include franchise affiliates of both Christie’s and Sotheby’s International Realty, another luxury real estate firm.
“My initial exposure to the distinctive enterprise of luxury real estate was through my work with long-time Christie’s International Real Estate Affiliate Chestnut Park,” Swartzman said in a statement. This formative experience, early in my industry career, established my passion for this specialized segment of the business and the people who support it.”
“Christie’s International Real Estate has the opportunity to be the preeminent luxury real estate brand in the world,” he added, “and I’m very much looking forward to collaborating with our affiliates, agents, and management team to realize that vision.”
Brands are focusing on the luxury market
Swartzman’s appointment comes just months after national heavyweight brokerage Compass acquired Christie’s alongside @properties. The $444 million deal preserved all three brand identities but moved operations under the Compass umbrella.
The deal speaks to a collection of symbiotic trends taking hold on a broader scale throughout the industry.
For one, larger brokerages, such as Compass, are acquiring and absorbing smaller teams. It’s a shift that’s manifested as companies grapple with a persistently slow housing market.
At the same time, and maybe because of that slow housing market, some brokerages have shifted their attention to the luxury sector. Those homebuyers and sellers are less affected by a volatile mortgage market or rising home prices, keeping business lively.
“Gavin brings a resume and skillset to Christie’s International Real Estate that is one of one,” Wong said in a statement. “I can’t name another leader in this industry who has overseen multiple brokerage firms; has walked in the shoes of our affiliates; has experience with some of the most respected brands in luxury real estate; has an extensive background in M&A; and has managed in both public and private companies.”