![]() ![]() In Pictures: Top Billionaire Art CollectorsĪrt is a passion for these billionaires, but it is also a valuable asset. (See " Most Powerful Billionaire Boards.") Several months earlier, Estée Lauder Chairman Leonard Lauder gifted $131 million to New York City's Whitney Museum, of which he is chairman emeritus, in part to help it keep its Upper East Side location. ![]() Indeed, in a downturn like this one, billionaires are some of the only people who can still afford to buy expensive art or help prop up museums.īroad, for instance, spent $30 million in December bailing out the Los Angeles Museum of Contemporary Art to prevent the museum from having to sell off artwork and leave its current headquarters. That is still true today even as art valuations drop. Wealthy patrons and collectors have been the lifeblood of the art world for centuries, from Italy's Medici family to American industrialists Henry Clay Frick and Andrew Mellon. ![]()
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