Abstract
Throughout history art patronage has played an important part in the wealth of ultra-high-net-worth families. Although the Renaissance is regarded as the golden age of patronage, the patronage concept was actually born during the Roman Empire. Rulers, nobles, and the very wealthy used patronage of the arts to endorse their political ambitions, social positions, and prestige. Over the course of time, patronage led to private museums funded by philanthropist collectors in order to celebrate their own tastes and leave a lasting legacy. Especially in the past three decades, private museums have been set up with increasing frequency and today, the private collections of ultra-high-net-worth families can rival those of major art institutions and have a significant impact on the global art market. This chapter analyzes the global rise of private museums, providing insight into the motivations of museum founders and discussing today’s challenges.
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Notes
- 1.
Larry’s List is an art collector database, containing more than 3,000 art collector profiles from over 70 countries.
- 2.
Not every individual owning artworks is also an art collector. Here this term refers to a number of criteria, which were defined in the Larry’s List Report 2014. These are a focus on contemporary art and a collection of at least 100 unique artworks by relevant artists. To be considered, the collector must be still alive.
- 3.
Larry’s List database.
- 4.
Interview with David Glasser published on Larry’s List. http://www.larryslist.com/artmarket/the-talks/the-odd-story-of-how-i-came-to-be-a-collector/.
- 5.
Lilly Family School of Philanthropy, Giving US, 2014.
- 6.
Larry’s List database.
- 7.
The first international forum devoted to private museums. http://globalprivatemuseumnetwork.com/.
- 8.
The Broad Contemporary Art Museum at LACMA.
- 9.
- 10.
State of Arkansas 85th General Assembly, “Act 1865 of the Regular session,” March 16th, 2005.
- 11.
Larry’s List database.
- 12.
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Zorloni, A., Resch, M. (2016). Turning Collections into Philanthropic Opportunities. In: Zorloni, A. (eds) Art Wealth Management. Management for Professionals. Springer, Cham. https://doi.org/10.1007/978-3-319-24241-5_1
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