HONG KONG.- Christie’s International Real Estate (CIRE), the only global luxury real estate network wholly owned and operated by a fine art auction house, officially establishes its Asia regional headquarters in Hong Kong this month. Christie’s portfolio of services in the region has now been expanded to include a robust luxury real estate presence. The business will focus on primary luxury destination and feeder markets, while adhering to the same high brand standards that distinguishes Christie’s name worldwide.

Headed by Mitchell Lewis, Managing Director of Christie’s International Real Estate, Asia, CIRE Asia Pacific will operate on a strategy that melds the strengths of both the franchise and affiliate business models to create a unique operating platform best suited to the region’s business practices. Just as the region’s real estate market continues to perform above expectations, so does the art market, which saw Christie’s 25th year in Asia achieving a record-breaking season of Spring sales totaling HK$4 billion /US$515 million, up 68 percent over the first half of 2010.

“Throughout history, the greatest art collections have traditionally complemented the world’s most beautiful homes. As we continue to expand our art and auction business in Asia, it is a natural development to offer collectors an even larger range of services at the top end of the market. The opening of our fine art storage facility in Singapore was a first step, which is now followed by the appointment of Mitch Lewis to head the Asian headquarters of Christie's International Real Estate in Hong Kong. Under his leadership, we look forward to sharing our worldwide experience in the area of luxury real estate with collectors throughout the region,” said François Curiel, President of Asia at Christie’s.

“The Asia-Pacific region has a passion for real estate that is unparalleled globally,” said Neil Palmer, CEO, Christie’s International Real Estate. “Mitch shares that passion and is uniquely qualified to deliver the level of client service that distinguishes our brand. He brings to his position a depth of experience. He is well accustomed to conducting business at the highest price points of the market, which Hong Kong recently achieved with the record sale on 10 Pollocks Path. The 8,302 square foot estate recently sold for HK$96,000 (US$12,327.73; £7,709.70; €8,627.33) per square foot. From our knowledge of luxury sales worldwide, we believe that this sale has achieved the highest price ever per square foot.”

Mitchell Lewis, Managing Director, Asia Pacific, Christie’s International Real Estate, added: “Coming off the record-breaking Spring art sales in Asia, the timing couldn’t be better for Christie’s international real estate subsidiary to serve the region’s buyers and sellers of luxury real estate. Having made a career of developing high-end, full service real estate brands internationally, I clearly see a wonderful opportunity to align the Christie’s International Real Estate brand with highly-qualified brokerages throughout Asia Pacific. Such brokerage companies would primarily be interested in joining our exclusive network to leverage the unique value of the Christie’s brand in the marketing and sale of luxury residential real estate worldwide. ”

Mr. Lewis comes to Christie’s International Real Estate after a fourteen-year career at Realogy Corporation, where he held various senior positions, most recently as Vice President, International Development, for three of the company’s real estate brands. Before relocating to Hong Kong, Mr. Lewis was based in Munich, Germany.

*Estimates do not include buyer’s premium. Sales totals are hammer price plus buyer’s premium and do not reflect costs, financing fees or application of buyer’s or seller’s credits.