Ralph Goldenberg's "Near Mythic" Art Collection

Published: Tuesday, 9 July 2024

The art of collecting is a skill one can acquire, but there do seem to be people who have a natural talent, combined with a sense of adventure and ambition (and wealth). Ralph Goldenberg’s “near-mythic” art collection is estimated to fetch $13 million at Sotheby’s Modern & Contemporary Evening and Day Sales June 25 and 26, 2024. Renowned works by artists Jackson Pollock, Robert Ryman, Robert Mapplethorpe, Andy Warhol, Gerhard Richter, Willem de Kooning, Tracey Emin, Damien Hirst, and others will be available.

Collections, especially “strong” ones, often reflect the personality, background and values of the Collector, if done authentically. Maybe this was one of the issues with the Rosa de la Cruz collection, there wasn’t a sense of the individual the viewer (or buyer) could connect with. Ralph Goldenberg is not the stereotypical art collector coming from inherited wealth or a socialite with all the right connections. He made his money as a futures trader in Chicago before holding executive positions at the Chicago Board of Trade, and co-founding a clearing house (Goldenberg, Hehmeyer, & Co.).

He’s not an archetypical “finance” art collector either: he didn’t turn to art after he made a fortune, looking for a place to put some funds and buy some respectability. Instead, he started buying, curating and collecting as soon as he could, often with relatively unknown artists who had no guarantee of “making it”. With the wealth he created, Goldenberg collected art for arts’ sake; to satisfy an artistic and intellectual curiosity while appreciating the beautiful aesthetics and decorating his life.

Goldenberg built his eighty-piece art collection across five decades starting in the 1960's. He developed a reputation for intellectual curiosity, and read widely about individual artists, art movements, and history. He actively participated in the space to organically build relationships with other participants.

He led his collecting practice with a discerning and curatorial eye and a desire to buy works by artists when they were touching upon a major transformation. "He really had an artistic soul", says Paagman, a Sotheby's colleague who worked closely with Goldenberg. Regarding his artistic interests, Paagman said "he liked things that were small and powerful. It didn't have to be big and loud, it needed to just hold the wall in a very unique and personal way. The end result was something extremely well put together with a lot of harmony in the dialogues between these pieces."

Goldenberg was a finance guy, so we have to “look at the numbers”. We can (and I will!) wax lyrical about taste, aesthetics and the intangible “feel” of a collection, but art is not impervious to maths. So, here’s some charts!

Certain characteristics stand out immediately. There is a great blend of mediums and artistic genres represented. There are over forty different artists; the top three are ~20% of the total, but the average number of pieces per artist is one. This is a collection of pieces, not a collection of an artist. This diversity would aid in any auction setting with its ability to grasp the attention of a diverse audience compared to collections that solely focus on an artist, art movement, or medium.

However, this diversity only goes so far: there is a clear gender gap, even though the number one artist is Rachel Whiteread. Another stark difference is the artist demographic: there’s a heavy proportion of white American male artists. Not great; must do better.

Diversity (along some dimensions but admittedly not others) is another way that Goldenberg's career is relevant: financial theory loves portfolios and diversification, to make the whole better than the sum of the individual parts.

That dynamic shines through in his art curation: I was able to see these artworks in person at the pre-auction exhibition at Sotheby's in London, and several things stood out. The cohesiveness of the collection is substantially more evident and intriguing when you actively see these works in conversation with each other. It is easier to have greater appreciation for the collector's thoughtfulness, confidence, and the careful research necessary to acquire these works across decades when it's all right in front of you.

Where does the value of a “good” collection come from? The artists? The collector? The individual pieces? Or in the combination? It’s obviously the combination, but the firm hand of the Collector dominates: the artists and the pieces are a necessary but not sufficient condition of a good collection.

However, Goldenberg navigated this difficulty beautifully with a clear intention to collect minimalist works across these artistic genres. In my opinion, that is the integral source of value to the collection. He selected works by artists at a time their value was not as well established as it is today, but more importantly, selected works outside the stereotypical canon often associated with these artists, or works produced at the very beginning in the development of their iconic artistic style, regardless of their economic value. In essence, he culminated what would only be recognized later on as the best of the avant-garde.

It’s a beautiful thing to see, and a bittersweet thing to watch end. I’m grateful I got to see it in person before the hammer falls. Thank you, Ralph, for pulling together such amazing individuals, making them something even better together, and demonstrating how curating can truly be an art form in and of itself.