Sotheby’s has signed a deal to buy the iconic Breuer Building from the Whitney Museum for around $100 million

The Whitney Museum of American Art has agreed to sell its iconic Breuer Building on Madison Avenue to Sotheby’s, marking a tectonic changing of the guard in the art world, the two institutions announced today. The price was not disclosed, but people familiar with the deal said it was just north of $100 million.

The news marks the end of one era and the beginning of another. Designed by modernist master Marcel Breuer and completed in 1966, the landmark had been the Whitneys’ home until it moved to the Meatpacking District in 2015. Since then it has been occupied by the Metropolitan Museum of Art and, currently, by the Frick Collection, which has a lease that runs until August 2024.

Sotheby’s has announced that it will move its galleries and auction room to Le Breuer in 2025. The new flagship will include state-of-the-art gallery and exhibition space, as well as a reimagined auction room. The galleries will be free and open to the public, the company said.

Flora Whitney Miller, president of the Whitney Museum of American Art, cuts the ribbon during the dedication ceremony for the museum building. Looking on are (from left): the building’s architect, Marcel Breuer; Mrs. John F. Kennedy; Lloyd Goodrich, museum director, and architect Hamilton Smith.

The auction house will take possession of the Breuer Building in September 2024 and hire an architect to “sensitively review interior spaces and maintain key elements such as the building’s striking lobby,” the company said in a press release.

“We are honored to acquire and write the next chapter of such an iconic and well-known New York architectural landmark,” Charles Stewart, CEO of Sotheby’s, said in the statement. “We often refer to the provenance of works of art, and in the case of The Breuer, there is no richer history than the museum that housed the Whitney, Metropolitan and Frick collections. The acquisition will further set us apart as we continue to transform and innovate for our customers.

Whitney manager Adam Weinberg said he was pleased that the Breuer Building “continues to serve an artistic and cultural purpose through the display of artwork and artifacts,” according to the statement. “Most importantly, this architectural masterpiece – thanks to its status in an iconic neighborhood – will be preserved.”

The art world has been abuzz over the future of the Breuer Building for two years. And Sotheby’s interest in this monument has become the topic of conversation in the art world in recent months, as Artnet reported.

The Met Breuer. Photo: DON EMMERT/AFP/Getty Images.

The acquisition of the Breuer building is an integral part of Sotheby’s strategy to develop and strengthen its global footprint. In 2024, Sotheby’s will open its new flagship galleries in Hong Kong and Paris. Later this year, Sotheby’s will open Gantry Point in Long Island City, a 240,000 square foot building that will house state-of-the-art operational facilities to centralize and improve the management of works of art.

Sotheby’s will retain ownership of its current world headquarters at 1334 York Avenue, where it has been since 1980, until its new galleries open in the Breuer Building in 2025, the company said.