Sotheby’s buys New York landmark in deal for nearly $100 million

Sotheby’s has agreed to buy the Brutalist building once owned by the Whitney Museum of American Art on the Upper East Side, which will finally move the auction house closer to the heart of the New York art market.

The company, which was bought by French billionaire Patrick Drahi in 2019 for $3.7 billion, is buying the building in a deal worth about $100 million, according to two people with knowledge of the matter. The building, located at the corner of Madison Avenue and 75th Street, was designed by Marcel Breuer and completed in 1966.

Sotheby’s said it would maintain its current headquarters, which is located among medical facilities on York Avenue, along Manhattan’s East River. It plans to use the Breuer Building as an exhibition space and will hold a large New York auction at the location in 2025 after renovations are complete.

The sale answers a question that has dogged Breuer since the Whitney moved to the Meatpacking District in 2015: What exactly will the institution do with the Upper East Side building?

For a period it was leased by the Metropolitan Museum of Art, but the Met eventually vacated the space as it worked to address its financial troubles. Frick leased the space after renovating his home on Fifth Avenue. As Frick’s 2024 homecoming neared, it was unclear whether Whitney Stark would attempt to operate a satellite location in the granite and concrete building or find a new tenant.

Rumors began swirling this year that Sotheby’s would tear down the building. Charles Stewart, chief executive, said on Thursday the building was “ideally situated” and would allow the auction house to “re-imagine an iconic and globally renowned architectural landmark”. Sotheby’s said it would strive to maintain key elements of the building as it renovates the space.

“We often refer to the provenance of artwork, and in Breuer’s case, there is no history enriched by the museum that houses the Whitney, Metropolitan and Frick collections,” he said.

Several high-profile galleries have blossomed in the area, including Gagosian and Mnuchin, and it’s blocks from the Met’s flagship home that counts millions of visitors a year.

Adam Weinberg, the Whitney director who led the museum’s successful move, said the proceeds of the sale would bolster the institution’s endowment and allow it to focus its efforts on its Meatpacking Home.

“The iconic Breuer building will always be a beloved part of the Whitney’s rich history,” he said. “We are delighted that it will continue to serve an artistic and cultural purpose through the display of artworks and artefacts.”