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MSG chief executive Tad Smith has resigned his post to become CEO of auction giant Sotheby’s.

Smith had been CEO of MSG, the company housing Madison Square Garden and other venues owned by the Dolan family, since March 2014. At Sotheby’s Smith will succeed William F. Ruprecht, who has led the company since 2000. Smith will also serve on Sotheby’s board of directors.

“He is a proven leader and value creator with CEO experience, strategic vision, brand-building expertise, an ability to understand and serve client needs, and a track record of driving revenue and profit growth,” Sotheby’s chairman Domenico De Sole said. “He also has a passion for art and collectibles.”

Before MSG, Smith spent five years at Cablevision in various exec posts. He previously served as CEO of the U.S. arm of Variety‘s former parent company, Reed Business Information.

Smith will stay with MSG for the rest of this month. MSG chairman James Dolan will oversee operations while the company mounts a CEO search.

“With its iconic and beloved brands, MSG is truly unlike any other company in the world and is clearly well positioned for a tremendous future,” Smith said. “Taking this new position was a very difficult decision for me, but is an opportunity that I could not pass up.”