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Roy Neuberger
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Roy Rothschild Neuberger (July 21, 1903 – December 24, 2010)[1] was an American financier who contributed money to raise public awareness of modern art through his acquisition of pieces he deemed worthy. He was a co-founder of the investment firm Neuberger Berman. Roy Neuberger served for several decades as Honorary Trustee, Benefactor, and member of the Department of Modern Art's Visiting Committee at The Metropolitan Museum of Art.[2][3]

Key Information

Biography

[edit]

Roy Rothschild Neuberger (unrelated to the famous Rothschild family)[1] was born in Bridgeport, Connecticut, and spent his childhood in New York City.[4] Born into a wealthy Jewish family, he was orphaned at the age of 12 after the deaths of his father Louis Neuberger, an immigrant from Germany and his mother, Bertha Rothschild, who was originally from Chicago.[1] [5][6] Neuberger described himself as having been interested during high school in tennis. He matriculated at New York University, originally to study journalism, but grew restless and dropped out without obtaining a degree.

His first job was working in the Manhattan department store B. Altman and Company.[4] Among the things he practiced selling were paintings, which nurtured his love of art. He sailed to Europe at age 20 on an inheritance from his parents, and went to live in Paris. He enjoyed a bohemian lifestyle there, visiting the Louvre three times a week, where he met his lifelong friend, 20th-century art historian Meyer Schapiro.

Neuberger painted and studied art until 1928, when he read Florent Fels' biography of Vincent van Gogh. He was startled when he learned how Van Gogh had only sold one painting, and was heartstricken to learn that Van Gogh, like so many other artists, lived in pain, poverty and misery.[5] Appalled that artwork was often only considered valuable after an artist's death, Neuberger vowed to support living artists, claiming "the contemporary world should buy the work of contemporary artists."[7] Neuberger often purchased works from artists who were struggling financially, including Jackson Pollock, Willem DeKooning, and Mark Rothko, believing that the financial support would help the artists stay on their career track.

He moved back to the United States and entered Wall Street in 1929, seven months before Black Tuesday. He started out with Halle & Stieglitz[8][1] and sold short RCA shares, through the stock market crash and well into the Great Depression. He founded Neuberger Berman in 1939 with Robert Berman. In 1950, Neuberger's firm started one of the first no-load mutual funds in the United States, the Guardian Fund, which is still in operation today.[9]

Art patron

[edit]

By 1939, Neuberger had made enough money to buy the first painting that he would lend out to promote the artist: Peter Hurd's Boy from the Plains.[10] He allowed Nelson Rockefeller, another avid art collector, to use Boy from the Plains in a travelling American art exhibition. Rockefeller's exhibition travelled to South America, and many people in both South and North America were thus exposed to Hurd's art.

Among the other artists whose works Neuberger collected are Jackson Pollock, Ben Shahn, William Baziotes, Alexander Calder, Stuart Davis, Louis Eilshemius, Edward Hopper, Jacob Lawrence, Jack Levine, David Smith and especially Milton Avery. The first Avery he ever purchased was Gaspé Landscape, which he bought during a snowstorm and wrapped carefully before going out, determined to keep the painting intact to make the man famous.[11] Neuberger still had Gaspé Landscape on a wall in his apartment at the time of his death. Neuberger also began donating works to institutions, among them the Metropolitan Museum of Art, the Museum of Modern Art, and the Whitney Museum, as well as many college and university museums.

Rockefeller later became governor of New York and created the State University of New York system. For his friend Neuberger, Rockefeller established a museum at Purchase College as part of the new university where Neuberger could display a substantial amount of the art he had acquired.[1] With the help of architect Philip Johnson, the Neuberger Museum of Art was built on the SUNY Purchase College campus and opened in 1974. Neuberger contributed more than 900 of his artworks toward the collection.

On November 15, 2007, President George W. Bush awarded the then-104-year-old Neuberger the 2007 National Medal of Arts.[12] Neuberger claimed to have never sold a work of art, stating that "It would be a criminal act for me to sell", and that "I buy because I love the work."[10]

Corporate art collection

[edit]

Regarding the company he co-founded, he said "Art in the workplace has been a part of Neuberger Berman's corporate culture since the investment firm was founded in 1939. In 1990 Neuberger Berman began developing its own art collection, emphasizing the work of emerging mid-career artists from around the world and presenting their works in an enriching environment for employees and visitors."[13]

Family

[edit]

Neuberger was married for nearly 65 years[4][14] to Marie Salant,[15][16] also a distinguished patron of the arts, and a graduate of Bryn Mawr College;[17] together they had three children:[15]

In 1997, he published his memoir, So Far, So Good - the First 94 Years. His life as an art collector is chronicled in his 2003 book The Passionate Collector: Eighty Years in the World of Art.[18] In his later years Neuberger was often seen in the company of Kitty Carlisle Hart.[18] Neuberger died on December 24, 2010, at the age of one hundred and seven and was buried at Mount Neboh Cemetery where other members of his family were interred.[19][20]

References

[edit]

Books

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Roy Neuberger

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Roy Rothschild Neuberger (July 21, 1903 – December 24, 2010) was an American financier, philanthropist, and art collector renowned for co-founding the investment firm in 1939 and building one of the most significant private collections of modern American art, which he generously shared with public institutions across the . Born in , Neuberger moved to with his family in 1909 and attended before briefly studying at . At age 20, he traveled to for four years to study art informally, an experience that ignited his lifelong passion for collecting. Returning to the in 1929 amid the , he began his Wall Street career as a at Halle & Stieglitz in 1930, eventually partnering with Robert B. Berman to establish , a firm that grew into a major player in and weathered multiple market crises over the decades. Neuberger's art collecting began in the late , focusing on emerging American artists whose works he acquired with the disciplined eye of a trader; he amassed over 100 paintings by alone, including 46 purchased in 1948, as well as pieces by and . He pioneered the integration of art into corporate culture by displaying works in Neuberger Berman's offices and authored memoirs detailing his dual pursuits, including So Far, So Good: The First 94 Years (1997) and The Passionate Collector: Eighty Years in the World of Art (2003). His philanthropy extended his influence profoundly: starting in the 1940s, Neuberger donated thousands of artworks to more than 70 museums in 24 states, including the Whitney Museum of American Art, the Metropolitan Museum of Art, and the Museum of Modern Art. In 1969, he gifted over 900 pieces to establish the Neuberger Museum of Art at Purchase College, SUNY, which opened in 1974 and now houses more than 6,000 works; he further supported it with a $1.3 million donation in 1984 and founded the Friends of the Neuberger Museum of Art in 1972 to fund over 60% of its annual expenses. Neuberger served on numerous museum boards, was president of the American Federation of the Arts from 1958 to 1968, and received the National Medal of Arts in 2007 from President George W. Bush. Married to Marie Salant from 1932 until her death in 1997, he lived to 107, passing away in his Manhattan home.

Early Life

Childhood and Family Background

Roy Rothschild Neuberger was born on July 21, 1903, in Bridgeport, Connecticut, to a wealthy Jewish family of German ancestry. He was the third child in the family, with his father a businessman and his mother a musician, whose professions instilled in him early inclinations toward finance and the arts. The family relocated to in 1909. Following the deaths of his parents around 1915, Neuberger was orphaned at the age of 12 and subsequently raised by his older sister there. This placed him in the privileged cultural milieu of , surrounded by affluence and artistic influences that nurtured his lifelong passions. Despite the loss of his parents, he inherited a modest sum from his father, providing some financial stability during his youth.

Education and Early Career Influences

Orphaned at the age of 12 and raised by his older sister, Roy Neuberger developed a strong sense of independence early in life. Neuberger attended in before briefly attending after high school, but departed after just one year without earning a degree, believing he could gain more practical knowledge through direct business experience. In 1924, using an inheritance from his father that provided an annual income of about $2,000, he sailed to seeking adventure and broader horizons, settling primarily in on the Left Bank. There, he immersed himself in the cultural scene, traveling to cities like , , and , where he played and observed the vibrant European lifestyle. During this period, Neuberger worked for a decorating firm in , which exposed him to international commerce and honed his through hands-on dealings in a foreign market. While abroad in the , Neuberger's passion for art was ignited by his exposure to European markets and galleries, particularly after reading a biography of that inspired him to support emerging artists. He began studying art informally in , frequenting exhibitions and developing an appreciation for modern works, though his limited funds prevented significant purchases at the time. This sojourn not only broadened his worldview but also planted the seeds for his lifelong commitment to collecting and promoting contemporary American art. In February 1929, amid growing economic uncertainty, Neuberger returned to the , arriving in New York just months before the . Motivated by the era's financial opportunities and his ambition to amass wealth to fund his artistic pursuits, he resolved to enter the world of on , despite having no prior experience in the field. This decision marked the transition from his formative European adventures to a professional career in investment.

Financial Career

Entry into Wall Street

Neuberger returned to the from five years of European travels in early 1929, transitioning from his experiences abroad focused on art studies to the American securities market. These formative experiences, centered on art studies and personal explorations, equipped him with a broad perspective before entering finance. In the spring of 1929, amid the roaring bull market, Neuberger joined the small brokerage firm Halle & Stieglitz as a runner, earning $15 per week in a junior role that involved executing trades and errands on the trading floor. Seven months before Black Tuesday, he made a bold personal investment by short-selling 100 shares of Radio Corporation of America (RCA) stock at $500 per share, anticipating an impending downturn. This decision, rooted in his skepticism of the market's euphoria, positioned him advantageously as the October 1929 crash unfolded. The Wall Street Crash of 1929 triggered the , devastating investors and the broader economy, yet Neuberger navigated the turmoil with relative success; RCA shares collapsed to single digits, validating his short position and limiting his personal losses to just 15% while countless others faced ruin. Promoted to at Halle & Stieglitz in 1930, he honed his resilience through hands-on experience in the prolonged bear market, managing trades amid widespread pessimism and economic contraction. Throughout the 1930s, as the Depression persisted with erratic recovery attempts, Neuberger embraced principles, meticulously analyzing companies to identify undervalued stocks trading at discounts to their intrinsic worth and committing to modest positions. This disciplined approach, emphasizing thorough over , allowed him to capitalize on overlooked opportunities in depressed sectors, fostering the analytical rigor that defined his early career.

Founding Neuberger Berman

In 1939, Roy Neuberger co-founded the investment advisory firm with Robert Berman, a former colleague from Halle & Stieglitz, and Lipman, establishing it as a dedicated to . Neuberger's prior experience on provided the expertise to launch the firm amid the lingering effects of the . From its inception, concentrated on managing investment portfolios for high-net-worth individuals, applying a conservative approach that prioritized undervalued securities with strong fundamentals over speculative trades. This strategy appealed to clients seeking stability and long-term growth, distinguishing the firm in a competitive financial landscape. The firm expanded steadily during and the ensuing post-war economic boom, capitalizing on recovering markets and increasing demand for personalized advisory services to amass significant by the 1950s. In 1950, introduced the Guardian Fund, one of the earliest no-load mutual funds in the United States, which allowed investors direct access without sales commissions and further broadened the firm's reach. Roy Neuberger personally oversaw the fund's management until 1978, underscoring his hands-on commitment to its value-oriented principles.

Investment Philosophy and Key Achievements

Roy Neuberger was a proponent of , emphasizing the purchase of undervalued stocks with robust fundamentals such as strong management and asset quality, which he believed could be held for the long term to realize intrinsic value. He stressed the importance of thorough analysis of a company's track record and goals, while warning against overpaying for high price-to-earnings ratios or following market fads, advocating instead for flexibility in response to economic and technological shifts. This approach, pioneered through his firm founded in 1939, influenced the firm's emphasis on long-term investment results for clients. Neuberger navigated three major Wall Street market crashes—the 1929 Crash, the 1987 , and the —while maintaining an active role in investing until the age of 101. During the 1929 downturn, he achieved a notable early success by shorting Radio Corporation of America stock just before the collapse, limiting his personal losses to only 15 percent when many others suffered far greater declines. His experiences across these crises underscored his philosophy of disciplined and resilience, allowing him to continue professional investing for over seven decades without catastrophic losses. A key achievement was his broader influence on modern through innovations like one of the first no-load mutual funds in the United States, which democratized access to professional investing for individual clients. Under his guidance, grew from managing modest initial assets to approximately $50 billion in by the late , delivering strong returns for clients through value-oriented strategies that outperformed during volatile periods, such as post-1987 recovery. This expansion reflected his success in building client trust, with the firm's mutual funds like Neuberger Guardian attracting broad participation and contributing to sustained wealth creation for investors.

Art Patronage

Personal Collection Development

Roy Neuberger began acquiring art in the late 1930s, with his collecting efforts intensifying in the 1940s as he focused on modern American works, starting notably with paintings by , whose subtle color palettes and simplified forms captured his attention. Influenced by earlier exposure to European art during his time in in the , Neuberger shifted his emphasis to American artists whose innovative styles he believed were undervalued at the time. Over the decades, Neuberger amassed a personal collection exceeding 1,000 works, including significant pieces by , such as his Number 8, 1949; Willem de Kooning's expressive abstractions; and Georgia O'Keeffe's iconic landscapes and floral studies. His purchasing criteria mirrored his value-oriented investment philosophy, prioritizing emerging talents and works from lesser-known artists that showed strong potential for artistic and cultural impact, often acquiring them at modest prices before their recognition grew. He approached collecting with a disciplined strategy, buying more pieces each year without selling any, treating art as a long-term commitment akin to his stock holdings. Neuberger derived deep personal enjoyment from his collection, displaying many pieces in his apartment and country home, where they integrated into his daily life and reflected his aesthetic preferences. In the early years, he lent select works to galleries and exhibitions, allowing broader public access while retaining them for his private spaces. This hands-on engagement underscored his view of art as both a personal passion and a strategic pursuit, paralleling the foresight he applied to .

Support for Modern American Artists

Roy Neuberger played a pivotal role in supporting modern American artists during the mid-20th century by purchasing their works directly, often when they faced financial hardship, thereby providing essential income. Beginning in the late and continuing through the , he committed to acquiring pieces from living creators, inspired by the unappreciated struggles of artists like , to ensure their immediate livelihood rather than posthumous recognition. For instance, in 1950, he bought Jackson Pollock's Number 8 (1949) for $800 at a time when the Abstract Expressionist was grappling with personal and professional challenges, a purchase that underscored Neuberger's willingness to invest in innovative but undervalued talent. Neuberger amassed an extensive holdings of Milton Avery's paintings, acquiring over 100 works over decades, frequently buying multiple pieces at once to bolster the artist's finances during periods of limited market success. This approach extended to other modernists, including Willem de Kooning and Stuart Davis, whose creations he obtained shortly after completion, prioritizing direct support over speculation. His personal collection served as the foundation for these targeted acquisitions, reflecting a deliberate strategy to sustain American modernism at its grassroots level. As an advocate for and broader , Neuberger actively recommended emerging artists to dealers and institutions, leveraging his connections in New York’s art scene to promote their visibility. He patronized key galleries from the 1940s to 1960s, fostering opportunities for artists like and de Kooning by encouraging acquisitions that aligned with his vision of contemporary innovation. This advocacy helped elevate the movement from fringe status to cultural prominence, as his endorsements influenced curatorial decisions and market perceptions during a formative era. Neuberger cultivated close personal relationships with many artists, befriending them through gallerists and integrating their works into his daily life, which deepened his commitment to their success. His friendship with Milton Avery, for example, exemplified this bond, as Neuberger not only collected extensively but also engaged personally to understand and champion the artist's poetic style. These ties extended his support beyond transactions, creating a network that facilitated ongoing dialogue and mutual encouragement in the art community. Through these efforts, Neuberger significantly impacted artists' careers by offering financial stability and heightened exposure, enabling figures like Avery and to persist amid adversity and gain broader recognition. His purchases and recommendations provided critical early validation, paving the way for their enduring legacies in American art without relying on later institutional frameworks.

Corporate and Institutional Contributions

In the , Roy Neuberger pioneered the integration of into the corporate environment at , one of the earliest such collections on , by displaying works from his personal acquisitions in the firm's offices to support living artists and enhance the workplace. This initiative reflected his belief in art's role in fostering and cultural engagement within settings, with pieces adorning hallways, reception areas, and meeting rooms. Neuberger's personal relationships with artists influenced these selections, ensuring the collection highlighted emerging modern American talents. Starting in the mid-20th century and continuing through the 1960s, Neuberger loaned numerous pieces from his collection to major museums, including a significant of modern American and at the Whitney Museum of American Art in 1954. He also provided works to the , contributing to its displays and programs during this period. These loans, such as Edward Hopper's Barber Shop acquired in 1954, were frequently requested for , broadening public access to . Neuberger served as an honorary trustee for life at the beginning in 1968, advising on acquisitions and exhibitions while promoting institutional support for modern works. Throughout his career, he advocated for corporate art patronage as both a strategic business practice that inspired employees and clients and a vital cultural endeavor, encouraging other firms to build similar collections and resulting in widespread adoptions across industries.

Philanthropy

Donations to Arts and Education

Neuberger's most significant contribution to arts education was his donation of nearly 950 artworks from his personal collection to the at Purchase, forming the core of the Neuberger Museum of Art, which opened in 1974. This gift, initially promised in 1969 as over 300 works to be delivered over a decade, included masterpieces by American modernists such as , , and , enabling the museum to serve as a vital educational resource for students and the public. The collection's emphasis on 20th-century American art supported academic programs in and at Purchase College. In addition to the artworks, Neuberger provided substantial financial support to sustain the museum's operations and educational initiatives. He endowed funds for acquisitions, exhibitions, and programming, including support for displays of American modernist works that highlighted emerging artists. A notable $1.3 million gift in 1984 to SUNY Purchase further bolstered the institution's resources for education. These endowments ensured ongoing access to high-quality exhibitions and curricula, fostering deeper engagement with among university students and broader audiences. Neuberger extended his philanthropy to other universities and museums through donations of artworks and funding for art programs, reaching over 70 institutions across 24 states. His gifts to places like the , the , and the Whitney Museum of American Art included financial contributions that supported educational exhibitions and outreach focused on 20th-century American artists. These efforts prioritized accessibility, integrating into academic settings to promote cultural . Through the Roy R. and Marie S. Neuberger Foundation, he directed resources toward Jewish educational institutions and scholarships, aligning with his commitment to cultural preservation and youth development in the . The foundation provided grants for programs in education at Jewish agencies and temples, supporting scholarships that enabled aspiring artists from diverse backgrounds, including Jewish communities, to pursue studies in . This work complemented his broader vision of using to nurture artistic talent and Jewish .

Other Charitable Endeavors

Beyond his prominent support for , Roy Neuberger extended his to Jewish organizations through the Roy R. and Marie S. Neuberger Foundation, which he established in with his wife to fund community causes. The foundation provided grants to entities such as ($50,000 in 2009), Hineni ($20,000 in 2009), and Torah Umesorah ($25,000 in 2009), focusing on Jewish community services, outreach, and education. These contributions reflected a commitment to sustaining Jewish institutions, including agencies and temples, as outlined in the foundation's giving priorities. Neuberger's foundation also directed resources toward health initiatives in New York, supporting and care. Notable grants included $10,000 to New York Presbyterian Hospital and $3,850 to the Cancer Research Fund in 2009, aiding advancements in and general healthcare services. Additionally, a $5,000 contribution to the Neuro-Ophthalmic Research Fund underscored efforts to address specialized medical needs. These donations helped bolster local health infrastructure and research endeavors. In alignment with broader efforts, Neuberger supported programs related to civil rights and access via targeted foundation grants. The received $500 in 2009 to assist in exonerating wrongfully convicted individuals, contributing to . For , grants went to institutions like ($2,000 in 2009) and ($10,000 in 2009), promoting accessible learning opportunities. Such mid-20th-century and ongoing involvements emphasized equitable access to and rights advocacy. Post-retirement, Neuberger ensured sustained charitable impact by channeling resources through the foundation, which continued disbursing over $844,000 in grants in 2009 alone across social, health, and educational domains. This structure allowed for enduring support of community initiatives, perpetuating his philanthropic vision long after he stepped back from active business roles in 1999.

Personal Life and Legacy

Marriage and Family

Roy R. Neuberger married Marie Salant, an economist and graduate who worked in the research department of a firm, on June 29, 1932. Their marriage lasted nearly 65 years until Marie's death on May 11, 1997, at age 88. Marie shared Neuberger's commitment to in and . The couple had three children: Ann Neuberger Aceves, Roy S. Neuberger, and James A. Neuberger. Ann, who resides in , has continued her parents' legacy in art , donating works from the family collection to institutions like the Neuberger Museum of Art and supporting art initiatives. Roy S., based in Lawrence, New York, initially pursued a career in before becoming an author focused on Jewish outreach and spiritual topics. James A., of New York, along with his wife Helen Stambler Neuberger, has supported the preservation and promotion of his father's art collection and museum legacy through ongoing contributions. The Neuberger was deeply intertwined with both the business and worlds, with art from Roy's collection prominently displayed in their shared residences and offices to foster an appreciation for modern American artists among family members. This integration reflected the couple's belief that enhanced daily life and professional environments, as evidenced by the extensive displays in Neuberger Berman's spaces. Despite being orphaned in childhood, Neuberger built a stable life as a devoted , balancing his demanding —where he remained active until age 101—with nurturing his children's interests and involving them in his passions for and .

Later Years, Death, and Enduring Impact

In his later years, Roy Neuberger remained actively involved with , the investment firm he co-founded in 1939, continuing to report to his office daily until 2004 at the age of 101. The firm was acquired by in 2003, but following Lehman's in , a group of Neuberger Berman executives repurchased a majority stake, regaining independence in a $922 million deal completed in early 2009. Neuberger authored two memoirs reflecting on his life in and : So Far, So Good: The First 94 Years in 1997 and The Passionate Collector: Eighty Years in the World of Art in 2003. He died of natural causes on December 24, 2010, at his home in at the age of 107. Following his death, Neuberger's legacy endured through the growth of institutions he supported, including the Neuberger Museum of Art at Purchase College, whose collection expanded from his initial donation of over 300 works to more than 7,000 artworks encompassing modern, contemporary, African, European, and American art by 2024. Neuberger Berman also thrived independently, managing $558 billion in assets as of September 30, 2025, solidifying his foundational influence on employee-owned .

References

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  36. https://fconline.foundationcenter.org/fdo-grantmaker-profile?key=NEUB001
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  39. https://patch.com/new-york/harrison/neuberger-museum-presents-when-modern-was-contemporary-the-roy-r-neuberger-collection
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