Christopher Bishop Fine Art (CBFA), an Old Master, Modern and Contemporary art dealership in New York, has bought the event which takes place across two dozen Upper East Side galleries in January.
It was founded by art dealers Crispian Riley-Smith and Margot Gordon, who launched the event in 2006.
Riley-Smith said: “It is time for this marquee New York event to benefit from New York-based leadership.” He launched a new venture, Art Advisory Group, last year. Bishop, a former advisory board member who has been with the fair for 10 years, said he plans to foster “the strengths of the show while taking it to the next level”.
The dealer started in his new role as president of MDNY last week.
Cydney Williams, associate director of the same gallery, has been named director of the event. An advisory board comprising former and new board members will support CBFA with the running of the event.
The committee includes Stephen Ongpin, Cliff Schorer of Agnews Works on Paper, Jill Newhouse and Alan Salz of Didier Aaron.
Meanwhile, CBFA has announced a new partnership for the event with The Drawing Foundation, a New York-based not-for-profit organisation due to launch this summer, which is dedicated to host and promote drawings-related events, scholarship and study.
The dealership has pledged one third of the gross revenue of MDNY to the foundation on an ongoing annual basis for a minimum of five years.