How Sotheby’s Acquisition of the Whitney Building is Bringing the Auction House Closer to the Heart of New York’s Art Market
In a deal worth around $100 million, Sotheby’s has agreed to acquire the brutalist corner building of the Whitney Museum of American Art on the Upper East Side. The French-owned auction house, acquired by the billionaire Patrick Drahi in 2019 for $3.7 billion, intends to use the Marcel Breuer-designed building as exhibition space and will hold major auctions there once renovations are complete in 2025. This move finally brings the auction house closer to the heart of New York’s art market.
Breuer Building’s Rich History
Sotheby’s intends to retain significant elements of the Breuer Building when renovating the space, referring to the building’s “rich history” as a storied home to multiple world-renowned institutions. The Whitney moved to the Meatpacking District near Manhattan’s West Village in 2015, leaving the Breuer Building unoccupied, initially leased by the Metropolitan Museum of Art and later by the Frick. The Frick rented the space and renovated his own house on Fifth Avenue, and, as the Frick’s 2024 return approached, it was unclear whether the Whitney would find a new tenant, or operate a satellite location in the granite and concrete building.
However, rumors began circulating in 2021 that Sotheby’s would step in, with Charles Stewart, managing director, stating that the building was “ideally located” and would allow the auction house to “reinvent an iconic, world-renowned architectural landmark.” A number of high-profile galleries such as Gagosian and Mnuchin, have sprung up in the area, and the Breuer Building is just a few blocks from the flagship home of the Met, which has millions of visitors a year.
Benefitting Whitney, the Meatpacking House, and New York’s Art Market
The proceeds from the sale of the Breuer Building will bolster the Whitney Museum of American Art’s endowment and allow it to focus its efforts on its Meatpacking House. Adam Weinberg, the director of the Whitney, said, “The Breuer Building will always be a beloved part of the Whitney’s rich history. We are pleased that it continues to serve an artistic and cultural purpose through the display of artwork and artifacts.” The Meatpacking District is currently the hub of New York’s contemporary art scene and has attracted young, trendy artists, galleries, and brands. With Sotheby’s acquiring the Breuer Building for exhibition space, it is evidence of the Meatpacking’s increasing dominance in the city’s art world.
Summary
Sotheby’s has agreed to acquire the Marcel Breuer Breuer-designed brutalist corner building of the Whitney Museum of American Art on the Upper East Side in a deal worth around $100 million. The plan is to use the space for exhibitions and hold major auctions there once renovations are complete in 2025. The Frick used the space as he renovated his own house on Fifth Avenue, and with the Frick set to return in 2024, it was unclear if the Whitney would lease the space or find a new tenant. With high-profile galleries such as Gagosian and Mnuchin along with the flagship home of the Met within a few blocks, Sotheby’s acquisition signals the Meatpacking District’s increasing dominance in New York’s art world.
Additional Piece
The acquisition of the Breuer building by Sotheby’s marks a turning point for the Meatpacking District as the hub of New York’s contemporary art scene. With young, trendy artists, galleries, and brands flocking to the district, it is becoming the epicenter of the city’s art world. Sotheby’s has recognized this potential and made a strategic move to be a part of it.
This move will undoubtedly bring a new type of clientele to the Meatpacking District, which has until now been more experimental and contemporary in style. Sotheby’s acquisition of the building and its subsequent use as exhibition space will attract a more traditional art audience that will now experience the edgy and hip vibe the Meatpacking District is known for. This mix of the traditional and the contemporary will have a knock-on effect, attracting a diverse art-loving audience.
Through this acquisition, Sotheby’s will not only boost its presence in the art market but will also contribute to the area’s economy, attracting more people to the Meatpacking District, which will further enhance the area’s appeal. The Meatpacking District is now set to become an even more vibrant cultural spot, a place where art, culture, and history come together, creating an unparalleled experience that will leave visitors wanting more.
Overall, the acquisition of the Breuer building will benefit the Whitney Museum of American Art’s endowment, allow it to focus on its Meatpacking House and bring Sotheby’s closer to the heart of New York’s art market. It will also strengthen the Meatpacking District’s position as the hub of New York’s contemporary art scene and contribute to its growing vibrancy, creating an exceptional blend of the traditional and the contemporary, resulting in a fresh and dynamic part of the New York art scene.
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Sotheby’s has agreed to buy the brutalist building belonging to the Whitney Museum of American Art on the Upper East Side, in a deal that will finally bring the auction house closer to the heart of New York’s art market .
The company, bought by the French billionaire Patrick Drahi in 2019 for $3.7 billion, is acquiring the building in a deal worth around $100 million, according to two people with knowledge of the matter. Located at the corner of Madison Avenue and 75th Street, it was designed by Marcel Breuer and completed in 1966.
Sotheby’s said it would keep its current headquarters, wedged between medical facilities on York Avenue and along the East River in Manhattan. He plans to use the Breuer Building as exhibition space and will hold major auctions there once renovations are complete in 2025.
The sale answers a question that has haunted the Breuers since the Whitneys moved to the Meatpacking District near Manhattan’s West Village in 2015: What exactly would the institution do with the Upper East Side building?
For a time it was leased by the Metropolitan Museum of Art, but the Met eventually vacated the space as it struggled to resolve its own financial issues. The Frick then rented the space as he renovated his own house on Fifth Avenue. As the Fricks’ 2024 return approached, it was unclear whether the Whitney would try to operate a satellite location in the granite and concrete building or find a new tenant.
Rumors began circulating this year that Sotheby’s would step in. Charles Stewart, managing director, said on Thursday that the building was “ideally located” and would allow the auction house to “reinvent an iconic, world-renowned architectural landmark”. Sotheby’s said it would try to retain significant elements of the building when renovating the space.
“We often refer to the provenance of works of art, and in the Breuer’s case, there is no richer history than the museum that housed the Whitney, Metropolitan and Frick collections,” he said. -he adds.
A number of high-profile galleries have sprung up in the area, including the Gagosian and Mnuchin, and the Breuer is a few blocks from the flagship home of the Met which has millions of visitors a year.
Adam Weinberg, the director of Whitney who spearheaded the museum’s successful move downtown, said the proceeds from the sale would bolster the institution’s endowment and allow it to focus its efforts on its Meatpacking House.
“The Breuer Building will always be a beloved part of the Whitney’s rich history,” he said. “We are pleased that it continues to serve an artistic and cultural purpose through the display of artwork and artifacts.”
https://www.ft.com/content/d6754fd2-505f-41d4-8e69-19263c0dfe75
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