Sotheby’s’ Bold New Chapter on Madison Avenue
This fall, Sotheby’s unveiled its new global headquarters and flagship auction space at the landmark Breuer Building (945 Madison Avenue, Manhattan) — a storied structure originally designed by architect Marcel Breuer and most recently home to the Frick Collection and previously the Whitney Museum.
Why this move matters
- The art-world powerhouse makes a decisive return to Madison Avenue, positioning itself in a building imbued with museum-grade cachet and architectural significance
- The renovation, undertaken by yard-arm firms including Herzog & de Meuron (in collaboration with PBDW Architects), preserved the building’s striking brutalist elements — board-formed concrete walls, sculptural stairs, and monumental lobby — while adapting it for contemporary auction and exhibition use
- Importantly, the galleries are open to the public, free of charge, supporting a new era of transparency and walk-in engagement alongside the high-stakes auctions.
- And the timing couldn’t be better: the opening coincided with one of Sotheby’s most spectacular auction weeks ever, signalling a strong renewal of momentum for the house.
The inaugural week: a headline-making performance
On the evening of November 18, 2025, Sotheby’s opened its first major sale in the new space with a high-profile offering from the collection of Leonard A. Lauder. The marquee lot: Portrait of Elisabeth Lederer by Gustav Klimt (1914-16) — a full-length portrait of one of his key Viennese patrons’ daughters, the work having a storied provenance and Nazi-era restitution history.
The results were jaw-dropping:
- The Klimt painting sold for US $236.4 million, smashing its estimate of ~$150 million and setting a new record for the most expensive modern artwork sold at auction.
- The entire evening tallied around US $706 million, the largest single-night haul in Sotheby’s 281-year history.
- For Sotheby’s, this wasn’t just good — it was a statement: “We’re back,” ringing loud across the art-world.
Final thoughts
Sotheby’s relocation to the Breuer Building on Madison Avenue isn’t just a change of address — it’s a symbolic and operational reset. Coupled with the astonishing $236 million sale of the Klimt portrait and a record-setting auction night, Sotheby’s has sent a loud signal: the art world is awake again, and this is a place to be.
For anyone interested in art, architecture, or the culture of auctions, the new Sotheby’s deserves a visit — and perhaps a front-row seat to whatever comes next in the market’s next chapter.
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