Sotheby's International Realty Affiliates LLC announced that Artmark Historical Estate in Romania is the newest member of its global network and will now operate as Romania Sotheby's International Realty. This addition marks the brand's first affiliated office in the country and its continued strategic growth in Europe.
Romania Sotheby's International Realty is owned and operated by Constantin Prisecaru, who has practiced real estate in Romania for seven years. Monica Barbu is the chief executive officer for the company and brings more than 20 years of real estate industry experience in the region. Romania Sotheby's International Realty will serve the luxury and residential markets of Bucharest and the surrounding region.
"The modern real estate market in Romania continues to develop and flourish," said Philip White, president and chief executive officer, Sotheby's International Realty. "We are seeing increased demand in Bucharest and its surrounding areas and the luxury market continues to expand as interest grows for holiday and weekend homes at the seaside or in the mountains. Constantin and his team have a passion for and strong grasp on the Romanian market, and we are proud to welcome them as an affiliate."
"Joining forces with Sotheby's International Realty enables us to provide an added level of international exposure to our clients and listings," said Prisecaru. "Our company culture is built on professionalism, heritage, and excellence. It was important that we aligned ourselves with a brand that values these same principles and one that actively works to highlight a property in its best light, bringing attention to landmarks, heritage, history, and architecture."
Romania Sotheby's International Realty is located in Bucharest with six sales associates. The company and its sales associates are actively involved in promoting Romanian heritage and continue to work to bring attention to historical buildings throughout the country including palaces, castles, manors, and century-old villas.
Sotheby's International Realty was founded in 1976 as a real estate service for discerning clients of Sotheby's auction house (est.1744). Today, the company's global footprint spans 1,000 offices located in 72 countries and territories worldwide, including 43 company-owned brokerage offices in key metropolitan and resort markets.
In February 2004, Realogy, a real estate franchising and broker, relocation, and settlement services provider, entered into a long-term strategic alliance with Sotheby's, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system. The franchise system is comprised of an affiliate network, where each office is independently owned and operated.
The affiliate network is operated by Sotheby's International Realty Affiliates LLC, and the company owned brokerages are operated by Sotheby's International Realty, Inc. Both entities are subsidiaries of NYSE-listed Realogy Holdings Corp. The Sotheby's International Realty network currently has more than 23,000 affiliated independent sales associates. In 2019, the brand achieved a record global sales volume of $114 billion USD.