Christie’s International Real Estate has announced the establishment of a specialized division for real estate transactions using cryptocurrency, in response to growing interest from wealthy buyers.
Launch of the Crypto Division
Christie’s International Real Estate is making a significant step into the digital currency realm with the launch of a dedicated crypto division. This initiative is driven by the rising demand from affluent clients who prefer to make real estate purchases with cryptocurrencies. This direction gained traction following a landmark case in 2021 when a property in Beverly Hills was sold for $65 million, paid entirely in Bitcoin. The transaction was completed without bank involvement and with a team of legal and compliance experts.
Growing Interest in Crypto Transactions
According to Aaron Kirman, CEO of Christie’s International Real Estate, both buyers and sellers are showing increasing interest in crypto deals. A major driver for this trend is privacy concerns. "Privacy is a huge driver," Kirman noted, emphasizing that celebrities and international investors are turning to cryptocurrencies for greater anonymity.
Christie’s Prospects and Achievements
Currently, Christie’s has over $1 billion worth of properties listed where sellers are open to accepting crypto payments. Notable listings include the iconic 'Invisible House' in Joshua Tree priced at nearly $18 million. It is also worth mentioning that Christie’s made headlines in 2021 as the first major auction house to sell an NFT artwork, further highlighting its commitment to innovation in digital art and assets.
The launch of Christie’s crypto division indicates a growing interest in the use of digital assets in real estate, which may influence future trends within the industry.
