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Condition Report: Jay Krehbiel, the Man in the Middle

Freeman’s, the ambitious Midwest auction house, is conquering the middle market between multimillion-dollar auctions and weekend estate sales. Herewith, executive chairman Jay Krehbiel opens up about his M&A pathway, the economics of undercutting the big houses, and the tension between operating locally and globally.

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Jay Krehbiel
"We always say we’re operating locally and globally. I think you can do both, and that’s what our mission is—to have these relationships, these points of connectivity with families, and to be able to bring those stories. But for us, $1 million to $5 million is potentially the collection in totality," says Freeman's executive chairman Jay Krehbiel. Photo: Courtesy of Freeman's Auction, 2025
Marion Maneker
December 17, 2025

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Jay Krehbiel grew up in a family of collectors. His father, Fred, ran Molex, the family electronics manufacturing business that they ultimately sold to Koch Industries for $7.2 billion, and along with his mother, Kay, Jay developed a keen interest in the decorative arts. The family’s homes in Chicago and Palm Beach were filled with English porcelain, silver, and furniture; Ballyfin Demesne, the Irish manor house that his family bought and restored, was later converted into a hotel.

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