The art world, and especially art collecting, has always been a combative and turbulent field where personal networks, instincts, and wealth play a crucial role. Among the best art collections currently owned by a single owner is that of David Geffen, an American entertainment tycoon and art collector.
David Geffen, the American media mogul and philanthropist, has cultivated one of the most esteemed private art collections globally, focusing primarily on post-war American art. His assemblage includes masterpieces by renowned artists such as Jackson Pollock, Willem de Kooning, Mark Rothko, Jasper Johns, and Robert Rauschenberg.
David Geffen's life is a typical American dream story. Born in 1943 to Jewish immigrants in Brooklyn. David is the founder of Asylum Records, Geffen Records, and DGC Records labels and film studio Dream Works. His estimated worth is around $7.7 billion.
Greatly interested in arts, Geffen accumulated some of the best American mid-century and contemporary artworks, currently estimated at $2.3 billion. Making David Geffen's collection is the best representation of postwar American art.
A Journey into David Geffen Art Collection
Building the David Geffen's Collection
Although David Geffen's collection is estimated at several billion dollars today, Geffen invested significantly less. Actually, David Geffen started collecting in the 1980s and 1990s when the prices of these pieces were much lower. Inspiring new collectors to start small, and look for emerging talents whose value can increase in the future.
His keen eye for quality and timing allowed him to amass pieces that would significantly appreciate over time. Notably, his collection is relatively concise, comprising fewer than 50 works. This deliberate curation underscores his focus on acquiring exceptional and often elusive pieces. Art dealer Richard Polsky has commended Geffen's "intuitive sense of quality," highlighting his ability to select artworks of profound significance.
The David Geffen art collection is mainly comprised of pieces by the leading artists of abstract expressionists and pop artists such as Jackson Pollock, Willem de Kooning, Mark Rothko, David Hockney, and Robert Rauschenberg.
Although David owns some of the most valuable works of mid-century American art, Geffen rarely lends his collection or individual pieces to art institutions. Therefore, the scale and exact content of his collection is not entirely known. The unique Art collection's estimated worth is about a third of Geffen's personal net worth, even though Geffen had sold some of its most valuable pieces.
In 2016, David Geffen sold a de Kooning and a Pollock he owned to fellow Top collector Kenneth C. Griffin for half a billion dollars. Only a month later, the New York Times reported that Geffen sold Jackson Pollock’s painting No. 5, 1948 (1948) for $140 million to Mexican financier Top collector David Martinez.
Geffen is also engaged in patronage and has used his wealth to support various art organizations, including a $150 million pledge to the Los Angeles County Museum of Art (LACMA) in 2017, the largest single gift in the museum's history. He also donated $100 million to Lincoln Center in 2015 and $100 million to the Museum of Modern Art in New York in 2016.
David Geffen is known as a very private art collector. He rarely almost never let others borrow his acquisitions, even the art museums and galleries David supports and donates to. Geffen's collection is estimated to number around 50 pieces. David Geffen decided to invest only in a few valuable artworks instead of building an extensive collection. David Geffen's impeccable eye and taste for art are David Geffen's main assets in the art trade.
Significant Acquisitions and Sales
Throughout his collecting career, Geffen has both acquired and sold several high-profile artworks, often setting records in the art market. In 1993, he purchased Jasper Johns' "Target with Plaster Casts" (1955) from dealer Leo Castelli for $13 million. Three years later, in 1986, he acquired Johns' "Out the Window" (1959) at a Sotheby's auction for $3.63 million. In a notable transaction in 2020, Geffen secured David Hockney's "The Splash" (1967) for $30 million at a London auction.
Geffen's prowess as a collector is further exemplified by his strategic sales. In October 2006, he sold two paintings—Jasper Johns' "False Start" and Willem de Kooning's "Police Gazette"—for a combined total of $143.5 million. The following month, he sold Jackson Pollock's "No. 5, 1948" for $140 million, setting a record at the time for the most expensive painting ever sold.
In February 2016, Geffen made headlines again by selling two significant pieces: de Kooning's "Interchange" (1955) for $300 million and Pollock's "Number 17A" (1948) for $200 million, both to hedge fund billionaire Ken Griffin.
Philanthropy and Legacy
Beyond his activities in the art market, Geffen has demonstrated a profound commitment to art philanthropy. In 2016, he donated $100 million to the Museum of Modern Art (MoMA) in New York, leading to the naming of three floors of the museum's new galleries as The David Geffen Wing.
The following year, he pledged $150 million to the Los Angeles County Museum of Art (LACMA), marking the largest gift in the museum's history. His name also graces The Geffen Contemporary at the Museum of Contemporary Art (MOCA) in Los Angeles, reflecting his longstanding support for the institution.
Geffen's influence in the art world extends beyond his collection and philanthropy. In 1994, he orchestrated a notable exchange with the Iranian government, trading a valuable Persian manuscript for a Willem de Kooning masterpiece from the Tehran Museum's collection.
In summary, David Geffen's art collection is a testament to his discerning taste, strategic acumen, and unwavering commitment to the arts. Through thoughtful acquisitions, record-setting sales, and generous philanthropy, he has left an indelible mark on the art world, ensuring that both his collection and contributions will be celebrated for generations to come.
Comments