Luxury auction house Christie’s has become the first major U.S. brokerage firm to launch a crypto-enabled real estate service tailored to high-net-worth buyers.
Christie’s International Real Estate has launched a new division dedicated to facilitating real estate transactions using cryptocurrency. The move marks a significant step forward in how luxury assets are bought and sold in the digital age.
According to a report by The New York Times, the initiative brings together legal experts, crypto analysts, and transaction specialists to manage property sales where both buyer and seller prefer digital currencies over traditional bank transactions. This makes it the first major U.S. firm to offer a crypto-enabled real estate service.
Aaron Kirman, CEO of Christie’s International Real Estate, said the move follows a series of successful multimillion-dollar deals, including a standout sale of a $65 million Beverly Hills mansion bought entirely in Bitcoin.
Crypto Use Grows Among the Ultra-Rich
While still a niche practice, the use of digital currencies in property transactions is gaining traction among high-net-worth individuals. One of the biggest draws of this method is the anonymity it provides. “For high-profile buyers, privacy is everything,” Kirman noted.
Wealthy individuals, particularly celebrities and tech entrepreneurs, often purchase homes through trusts or shell companies. But with internet sleuths increasingly able to trace ownership, crypto offers a deeper layer of obfuscation.
“Some of our crypto-based sales were so discreet that even the seller didn’t know the buyer’s identity,” Kirman added.
$1 Billion Worth of Properties Open to Crypto
Christie’s now lists over $1 billion in properties whose sellers are willing to accept cryptocurrency. These luxury listings span from upscale Los Angeles neighborhoods to the desert hills of Joshua Tree.
One such property is a modernist home in Joshua Tree priced at $18 million. It is owned by film producer Chris Hanley, who believes that accepting crypto signals openness to the new generation of tech-savvy buyers.
Mainstream Institutions Eye Crypto Integration
Beyond private sales, there’s a growing conversation about integrating crypto into mainstream mortgage financing. Christie’s is reportedly in talks with major banks to explore incorporating digital assets into financed home purchases.
Meanwhile, the Federal Housing Finance Agency (FHFA) has urged government-backed mortgage firms Fannie Mae and Freddie Mac to assess how cryptocurrencies could be counted as reserve assets in home loan risk evaluations. The move could pave the way for broader institutional acceptance of crypto in residential markets.
A Strategic Move in a Competitive Auction Market
Christie’s latest move builds on its growing presence in the blockchain economy. The firm made headlines with its record-breaking NFT auctions, and in 2022, it launched a dedicated Ethereum-based platform for sales of digital art.
Though Christie’s saw a slight decline in total sales last year, $5.7 billion, down 6%, it remains at the forefront of innovation in luxury asset trading, closely competing with Sotheby’s.
Kirman believes the future is bright for crypto in real estate. “We anticipate that in the next five years, over a third of high-end home transactions could involve cryptocurrency,” he said.
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