A new era
In 2004, Sotheby's and Cendant corporation (today: Realogy), the world's leading provider of real estate services, entered into a comprehensive strategic alliance. According to the terms of a long - term cooperation - and license agreement, Cendant acquired a license for the use of the Sotheby's - brand, and agreed to develop a distinguished franchise system for Sotheby's International Realty®. As a result, Sotheby's International Realty® has experienced an unparalleled growth over the past years, establishing quality representation and - services across the globe.
However, this long-term license and cooperation agreement also provides for the preservation of the reputation and the integrity of the Sotheby's brand by ensuring that the operation of the Sotheby's International Realty® network is effectuated only be seasoned professionals that are leaders in their local market. The master franchise for two of Europe's most important luxury real estate markets, the countries of France and Monaco, has been awarded to Alexander V. G. Kraft, a seasoned executive of the worldwide Sotheby's organisation who had been responsible for the establishment and management of Sotheby's International Realty's international network in more than 20 countries with more than 65 offices as its European Regional Manager and Executive Vice President.