The Whitney Museum of American Art has agreed to sell its iconic Breuer Building on Madison Avenue to Sotheby’s, marking a tectonic change of guard in the art world, the two institutions announced today. The price wasn’t disclosed, but people familiar with the deal said it was just north of $100 million.
Sotheby’s said it will relocate its galleries and auction room to the Breuer in 2025. The new flagship will include state-of-the-art gallery and exhibition space, and a reimagined auction room. The galleries will be free and open to the public, the company said. The auction house will take possession of the Breuer building in September 2024 and will engage an architect to “sensitively review the internal spaces and maintain key elements such as the building’s striking lobby,” the company said in a press release.
Whitney’s director Adam Weinberg said he’s pleased that the Breuer Building “will continue to serve an artistic and cultural purpose through the display of artworks and artifacts,” according to the statement. “Most importantly this architectural masterpiece—thanks to its status in a landmark district—will be preserved.”