Rego Realtors, a Bermuda real estate firm specialising in the sale of luxury properties, yesterday inked an agreement to become an affiliate of prestigious auction house Sotheby?s real estate division.

The luxury real estate firm ? $1.6 million was the average selling price for deals brokered by Regos last year ? will now become known as Rego Sotheby?s International Realty. The coup was celebrated last night at a reception at the Hamilton Princess.

The development means that the real estate divisions of auction house rivals Sotheby?s and Christie?s now each have a presence in the Bermuda market. Sinclair Realty Ltd. was already the exclusive Bermuda affiliate for Christie?s real estate division, Christie?s Great Estates.

Buddy Rego, owner and president of Rego Realtors, said the Sotheby?s affiliation could attract interest from around the world in the firm?s Bermuda listings.

He said Sotheby?s International Realty was known for its ?extraordinary homes and clientele that value the unique?.

The value of properties sold through Sotheby?s in 2004 was $2.7 billion.

Michael Good, president and chief executive of Sotheby?s International Realty Affiliates, said: ?Bermuda is an important luxury real estate market that continues to be a destination of choice for buyers from throughout the world.?

Under the Sotheby?s agreement Rego remains an independently owned company.

Sotheby?s International Realty is a unit of Sotheby?s, which was established as an auction house 260 years ago. Sotheby?s clients inlcude 71 of the world?s 100 richest people, as listed in Forbes magazine, the company said.