International auction house Sotheby’s announced today that it has finalized the $100 million purchase of 945 Madison Avenue as its future global headquarters and enlisted Herzog & de Meuron to lead what it calls a “sensitive adaptation and renovation” of the building. The news marks the latest chapter in a dizzying game of institutional musical chairs within Marcel Breuer’s Brutalist landmark on Manhattan’s Upper East Side.

The five-story, granite-faced edifice debuted in 1966 as the first permanent (and third overall) home of the Whitney Museum of American Art. It served in this role until 2014 when the Whitney, long pressed for additional space, ceased all programming at the Breuer building in preparation for its move downtown where, in 2015, the museum reopened in a new home designed by Renzo Piano Building Workshop at the southern entrance of the High Line. The following year, the Metropolitan Museum of Art moved into the erstwhile Whitney building—rechristened as the Met Bruer—following a roughly $15 million renovation project led by Beyer Blinder Belle. The space, leased by the Whitney to the Met, was used by the latter museum as a satellite exhibition space to display modern and contemporary works. This arrangement lasted until early 2020 when the building was shuttered during the COVID pandemic. In 2021, the building changed hands yet again when the Met, still bound to an eight-year lease agreement with the Whitney, subleased it to the Frick Collection. The money-saving move allowed that museum to store and display its holdings at the temporary “Frick Madison” while its home at a nearby 1914 Neoclassical mansion designed by Carrère & Hastings underwent renovations led by Selldorf Architects. It was announced last week that the Frick will reopen at its original East 70^th Street location in April 2025.

In June 2023, Sotheby’s announced its purchase of the former Whitney/Met Breuer/Frick Madison building, stating that it would assume custodianship of the property in September 2024 when the Frick’s lease concluded. The move is a somewhat curious one as Sotheby’s current building at 1334 York Avenue, its headquarters since 1980, emerged from a major refresh by OMA just five years ago. When asked what would become of the newly renovated York Avenue building, a spokesperson for Sotheby’s told RECORD there are currently no plans to sell 1334 York Avenue but could not offer further details beyond that.

As for Herzog & de Meuron’s role, Sotheby’s said in a press announcement that the Swiss firm, joined by New York–based PBDW Architects, will aim to “reinstate Breuer’s original vision while adapting it to the needs of Sotheby’s and the surrounding community.”

The announcement continues: “All spaces will undergo careful updates, respecting their historical resonance while offering opportunities for transformation in line with the building’s new use. This includes restoring lost spaces both indoors and out, introducing new areas and enhancing natural light, reflecting Breuer’s original intentions.”

Stating that more details would become available next year, Sotheby’s did elaborate that the new global headquarters will include “reimagined” auction rooms, gallery space, and a restaurant.

“We will be approaching the Breuer project with excitement and respect to its original vision,” said Jacques Herzog in a statement, evoking the firm’s multi-phase renovation of the Park Avenue Armory, another Upper East Side landmark, albeit from a different era, located just a half mile south of 945 Madison. “By reviving lost spaces, carefully inserting new ones, and doing other subtle interventions with a considered palette of materials, the building will be prepared for its new role in the auction world—and will be more accessible again for visitors and the people of New York.”