Sotheby’s, the renowned auction house, has struck a deal to purchase the iconic Breuer Building from the Whitney Museum of American Art for an estimated price of over $100 million. The agreement between the two institutions marks a significant shift in the art world landscape, as announced today.
The Breuer Building, designed by Modernist master Marcel Breuer and completed in 1966, has been a prominent landmark and the former home of the Whitney Museum until its relocation to the Meatpacking District in 2015. Since then, the building has been occupied by the Metropolitan Museum of Art and is currently leased to the Frick Collection until August 2024. Sotheby’s plans to move its galleries and auction room to the Breuer Building in 2025, creating a new flagship space that will feature state-of-the-art exhibition and auction facilities. The galleries will be accessible to the public free of charge, according to Sotheby’s.
The auction house will assume ownership of the Breuer building in September 2024 and intends to engage an architect to carefully review the internal spaces while preserving key elements, including the striking lobby, according to a press release.
Charles Stewart, CEO of Sotheby’s, expressed his excitement about the acquisition, stating, “We are honored to acquire and write the next chapter of such an iconic and well-known New York architectural landmark. The Breuer has an extraordinary history, having housed the Whitney, Metropolitan, and Frick collections. This acquisition will further distinguish us as we continue to transform and innovate for our clients.”
Adam Weinberg, director of the Whitney Museum, expressed his satisfaction with the agreement, noting that the Breuer Building would continue to serve as a cultural and artistic hub for the display of artworks and artifacts. He emphasized the importance of preserving this architectural masterpiece, particularly due to its status within a landmark district.
Rumors about the future of the Breuer Building have circulated within the art world for the past two years, with Sotheby’s interest in the landmark gaining significant attention in recent months. The acquisition of the Breuer building aligns with Sotheby’s strategy to expand its global presence. In 2024, the auction house plans to open new flagship galleries in Hong Kong and Paris, while this year will see the unveiling of Gantry Point, a state-of-the-art facility in Long Island City dedicated to enhancing the handling of artworks.
Sotheby’s will continue to retain ownership of its current global headquarters at 1334 York Avenue until the opening of its new galleries in the Breuer Building in 2025, according to the company’s statement. This landmark deal further solidifies Sotheby’s position as a leader in the art market, poised for continued growth and innovation.