Art Collections of the Rich and Famous
AMASSING A WORLD-CLASS COLLECTION
Many collectors of fine art have transcended their “day jobs”—real estate mogul, hotel financier, entertainment executive—to become known more for what they collect than what they do. Billionaire philanthropist Eli Broad was an accountant and real-estate magnate before opening the Broad Art foundation with his wife Edythe in 1984. David Geffen, of Geffen Records, made his name in the music and entertainment industries, and museums regularly borrow works of art from his contemporary art collection. Charles Saatchi, a major patron of the arts recognized for his role in the promotion of the YBAs (Young British Artists) in early 1980s London, founded the advertising agency Saatchi and Saatchi. Their collections can end up as gifts to museums or form the foundation for new art institutions, as Eli Broad’s collection did for the BCAM, Broad Contemporary Art Museum, housed next to the Los Angeles County Museum of Art.
Often, these grand collections, amassed over years, go to auction where they can easily fetch hundreds of millions of dollars. The private collection of late designer Yves-Saint Laurent went to auction at Christie’s and sold for the equivalent of a record-breaking $670 million US. As diverse as these collectors (and their collections!) are, they share a common interest in the inner workings of the art world and market, a passion for art, and a desire to share their collections with the public. —SBR