Turning Collections into Philanthropic Opportunities

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.