Robert Owen Lehman, Sr. (September 29, 1891 – August 9, 1969) was an American banker, longtime head of the
Lehman Brothers
Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before Bankruptcy of Lehman Brothers, filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Gol ...
investment bank, and a
racehorse
Horse racing is an equestrian performance sport, typically involving two or more horses ridden by jockeys (or sometimes driven without riders) over a set distance for competition. It is one of the most ancient of all sports, as its basic pr ...
owner, art collector, and
philanthropist
Philanthropy is a form of altruism that consists of "private initiatives, for the Public good (economics), public good, focusing on quality of life". Philanthropy contrasts with business initiatives, which are private initiatives for private goo ...
.
Life and career
Lehman was born to a
Jewish
Jews ( he, יְהוּדִים, , ) or Jewish people are an ethnoreligious group and nation originating from the Israelites Israelite origins and kingdom: "The first act in the long drama of Jewish history is the age of the Israelites""The ...
family in
New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
. He was the son of
Philip Lehman
Philip Lehman (November 9, 1861 – March 21, 1947) was an American investment banker.
Biography
Philip Lehman was born in New York City to Emanuel Lehman (1827–1907) and Pauline Sondheim (1843–1871). Emanuel was a co-founder of the now- ...
(1861–1947) and grandson of
Emanuel Lehman
Emanuel Lehman (born Mendel Lehmann; February 15, 1827 – January 10, 1907) was a German-born American banker. The younger brother of Henry Lehman, he was a co-founder of Lehman Brothers.
Biography
Emanuel Lehman was born in Rimpar, Bavaria o ...
, a cofounder of
Lehman Brothers
Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before Bankruptcy of Lehman Brothers, filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Gol ...
investment bank
Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort.
In finance, the purpose of investing is ...
, and Carrie Lauer (1865–1937).
He graduated from
Hotchkiss School
The Hotchkiss School is a coeducational University-preparatory school#North America, preparatory school in Lakeville, Connecticut, United States. Hotchkiss is a member of the Eight Schools Association and Ten Schools Admissions Organization. It i ...
in 1908
and was a 1913 graduate of
Yale University
Yale University is a private research university in New Haven, Connecticut. Established in 1701 as the Collegiate School, it is the third-oldest institution of higher education in the United States and among the most prestigious in the wo ...
and member of
Delta Kappa Epsilon
Delta Kappa Epsilon (), commonly known as ''DKE'' or ''Deke'', is one of the oldest fraternities in the United States, with fifty-six active chapters and five active colonies across North America. It was founded at Yale College in 1844 by fifteen ...
fraternity (Phi chapter). When his father retired in 1925, "Bobbie" Lehman assumed the leadership role of the family-owned business. He took over the bank during a time when Lehman Brothers, like its competitors
Goldman Sachs
Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...
and
Morgan Stanley
Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 41 countries and more than 75,000 employees, the fir ...
, was essentially a one-office firm.
While sound financial principles were essential, Robert Lehman was often quoted as saying that he "bet on people." One of those people he believed in was
Juan Trippe
Juan Terry Trippe (June 27, 1899 – April 3, 1981) was an American commercial aviation pioneer, entrepreneur and the founder of Pan American World Airways, one of the iconic airlines of the 20th century. He was involved in the introduction of t ...
who would build
Pan American World Airways
Pan American World Airways, originally founded as Pan American Airways and commonly known as Pan Am, was an American airline that was the principal and largest international air carrier and unofficial overseas flag carrier of the United States ...
into an industry powerhouse. Robert Lehman understood that to maximize Lehman Brothers' growth he needed additional investor capital. While still maintaining voting control, he was the first to invite non-family members to become partners. He understood too that the right partners could expand the company's opportunities through interlocking directorships. As such, he sold an interest in Lehman Brothers to
John D. Hertz
John Daniel Hertz, Sr. (April 10, 1879October 8, 1961) was an American businessman, thoroughbred racehorse owner and breeder, and philanthropist.
Biography
Born Sándor Herz to a Jewish family in Szklabinya, Austria-Hungary (today Sklabiňa, a ...
who had sold his
Yellow Cab Company
The Yellow Cab Company was a taxicab company in Chicago which was founded in 1907 by John D. Hertz.
In 1920 the Yellow Cab Manufacturing Company was formed to manufacture taxicabs.
During the 1910s and 1920s the company was involved in cons ...
and
The Hertz Corporation
The Hertz Corporation is an American car rental company based in Estero, Florida. The company operates its namesake Hertz brand, along with the brands Dollar Rent A Car, Firefly Car Rental and Thrifty Car Rental.
It is one of the three big rent ...
for a fortune and who sat on the board of directors of
General Motors
The General Motors Company (GM) is an American Multinational corporation, multinational Automotive industry, automotive manufacturing company headquartered in Detroit, Michigan, United States. It is the largest automaker in the United States and ...
. Under Robert Lehman, the bank concentrated on rapidly developing consumer industries with financing deals arranged in retailing, airlines, and the entertainment business notably with the Keith-Albee-Orpheum theatre group 1928 deal that sold the majority of its stock to
Joseph P. Kennedy
Joseph Patrick Kennedy (September 6, 1888 – November 18, 1969) was an American businessman, investor, and politician. He is known for his own political prominence as well as that of his children and was the patriarch of the Irish-American Ken ...
which led to the creation of
RKO
RKO Radio Pictures Inc., commonly known as RKO Pictures or simply RKO, was an American film production and distribution company, one of the "Big Five" film studios of Hollywood's Golden Age. The business was formed after the Keith-Albee-Orpheu ...
motion picture studios. And, when Lehman put together start-up financing for
Paramount Pictures
Paramount Pictures Corporation is an American film and television production company, production and Distribution (marketing), distribution company and the main namesake division of Paramount Global (formerly ViacomCBS). It is the fifth-oldes ...
, John D. Hertz would be their connection on Paramount's board.
Robert Lehman guided his company through the perils of the
stock-market crash of 1929 and the ensuing
Great Depression
The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...
of the 1930s. Post-war, he grew the company substantially, expanding to
Paris
Paris () is the capital and most populous city of France, with an estimated population of 2,165,423 residents in 2019 in an area of more than 105 km² (41 sq mi), making it the 30th most densely populated city in the world in 2020. S ...
,
France
France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of Overseas France, overseas regions and territories in the Americas and the Atlantic Ocean, Atlantic, Pacific Ocean, Pac ...
to meet the financial needs of his clients with international operations. In the process, he made himself one of the wealthiest people in the United States.
Thoroughbred horses
A lover of horses and a
polo
Polo is a ball game played on horseback, a traditional field sport and one of the world's oldest known team sports. The game is played by two opposing teams with the objective of scoring using a long-handled wooden mallet to hit a small hard ...
enthusiast, Robert Lehman played on a polo team with
W. Averell Harriman,
Jock Whitney
John Hay Whitney (August 17, 1904 – February 8, 1982) was U.S. Ambassador to the United Kingdom, publisher of the ''New York Herald Tribune'', and president of the Museum of Modern Art. He was a member of the Whitney family.
Early life
Whit ...
and
Tommy Hitchcock, Jr. He was also a
thoroughbred
The Thoroughbred is a horse breed best known for its use in horse racing. Although the word ''thoroughbred'' is sometimes used to refer to any breed of purebred horse, it technically refers only to the Thoroughbred breed. Thoroughbreds are c ...
racehorse owner and breeder who had five horses compete in the
Kentucky Derby
The Kentucky Derby is a horse race held annually in Louisville, Kentucky, United States, almost always on the first Saturday in May, capping the two-week-long Kentucky Derby Festival. The competition is a Grade I stakes race for three-year ...
. His horses, most trained by
Ralph G. Kercheval, won numerous important
stakes races including the
Correction Handicap and the
Long Island Handicap
The Long Island Stakes is an American Thoroughbred horse race held annually in November at Aqueduct Racetrack, in Ozone Park, Queens, New York. The race is for fillies and mares, age three and up, willing to race the one and one-half miles on the ...
at
Aqueduct Racetrack
Aqueduct Racetrack is a Thoroughbred horse racing facility and casino in the South Ozone Park, Queens, South Ozone Park and Jamaica, Queens, Jamaica neighborhoods of Queens, New York City, United States. Aqueduct is the only racetrack locate ...
, and the
Bernard Baruch Handicap
The Bernard Baruch Handicap is a Grade III American Thoroughbred horse race for three-years-old and older run over a distance of miles on the turf annually in early August at Saratoga Race Course in Saratoga Springs, New York. The event current ...
at
Saratoga Race Course
Saratoga Race Course is a Thoroughbred horse racing track located on Union Avenue in Saratoga Springs, New York, United States. Opened in 1863, it is often considered to be the oldest major sporting venue of any kind in the country, but is actua ...
.
Art collection
For six decades, Lehman built upon a
art collectionthat his father began at their
7 West 54th Street
7 West 54th Street (also the Philip Lehman Residence) is a commercial building in the Midtown Manhattan neighborhood of New York City. It is along 54th Street (Manhattan), 54th Street's northern sidewalk between Fifth Avenue and Sixth Avenue. T ...
house in 1911. Lehman devoted a great deal of time and energy as a long-time member of the Board of Trustees of the
Metropolitan Museum of Art
The Metropolitan Museum of Art of New York City, colloquially "the Met", is the largest art museum in the Americas. Its permanent collection contains over two million works, divided among 17 curatorial departments. The main building at 1000 ...
, and finally becoming the first chairman of the board at the Metropolitan in the 1960s. The importance of his collection became such that in 1957, nearly three hundred works were used for a solo exhibition at the
Louvre Museum's Musée de l'Orangerie
The Musée de l'Orangerie ( en, Orangery Museum) is an art gallery of impressionist and post-impressionist paintings located in the west corner of the Tuileries Garden next to the Place de la Concorde in Paris. The museum is most famous as the ...
in the
Tuileries Gardens
The Tuileries Garden (french: Jardin des Tuileries, ) is a public garden located between the Louvre and the Place de la Concorde in the 1st arrondissement of Paris, France. Created by Catherine de' Medici as the garden of the Tuileries Palace in ...
in Paris. At that time, his was the only private American collection to be given that honor. In 1968 he received an honorary Doctor of Humane Letters from Yale University for having "enhanced the civic life, the culture, and the artistic development of our civilization."
After his death in 1969, the Robert Lehman Foundation donated close to 3,000 works of art to the Metropolitan Museum of Art, including
Henri Matisse
Henri Émile Benoît Matisse (; 31 December 1869 – 3 November 1954) was a French visual artist, known for both his use of colour and his fluid and original draughtsmanship. He was a draughtsman, printmaker, and sculptor, but is known prima ...
,
Francisco Goya
Francisco José de Goya y Lucientes (; ; 30 March 174616 April 1828) was a Spanish romantic painter and printmaker. He is considered the most important Spanish artist of the late 18th and early 19th centuries. His paintings, drawings, and ...
,
Henri de Toulouse-Lautrec
Comte Henri Marie Raymond de Toulouse-Lautrec-Monfa (24 November 1864 – 9 September 1901) was a French painter, printmaker, draughtsman, caricaturist and illustrator whose immersion in the colourful and theatrical life of Paris in the ...
,
Édouard Vuillard
Jean-Édouard Vuillard (; 11 November 186821 June 1940) was a French painter, decorative artist and printmaker. From 1891 through 1900, he was a prominent member of the Nabis, making paintings which assembled areas of pure color, and interior s ...
,
Auguste Rodin
François Auguste René Rodin (12 November 184017 November 1917) was a French sculptor, generally considered the founder of modern sculpture. He was schooled traditionally and took a craftsman-like approach to his work. Rodin possessed a uniqu ...
,
André Dunoyer de Segonzac
André Dunoyer de Segonzac (6 July 1884 – 17 September 1974) was a French painter and graphic artist.
Biography
Segonzac was born in Boussy-Saint-Antoine and spent his childhood there and in Paris. His parents wanted him to attend the military ...
,
Maurice de Vlaminck
Maurice de Vlaminck (4 April 1876 – 11 October 1958) was a French painter. Along with André Derain and Henri Matisse, he is considered one of the principal figures in the Fauve movement, a group of modern artists who from 1904 to 1908 we ...
, and
Suzanne Valadon
Suzanne Valadon (23 September 18657 April 1938) was a French painter who was born Marie-Clémentine Valadon at Bessines-sur-Gartempe, Haute-Vienne, France. In 1894, Valadon became the first woman painter admitted to the Société Nationale des ...
. Housed in the Robert Lehman Wing, which opened to the public in 1975, the museum has called it "one of the most extraordinary private art collections ever assembled in the United States." To this day, the foundation remains active, operating the Robert Lehman Art Lecture Fund and sponsoring exhibitions in museums, both around the U.S. and worldwide. The foundation also provides funding and support for
PBS
The Public Broadcasting Service (PBS) is an American public broadcasting, public broadcaster and Non-commercial activity, non-commercial, Terrestrial television, free-to-air television network based in Arlington, Virginia. PBS is a publicly fu ...
television programming. The Robert Lehman Art Center at
Brooks School in
North Andover
North Andover is an affluent town in Essex County, Massachusetts, United States. At the 2020 census the population was 30,915.
History
Native Americans inhabited what is now northeastern Massachusetts for thousands of years prior to European c ...
, Massachusetts, is named in his honor.
Personal life
Robert's first marriage—to Ruth S. (née Lamar) Rumsey (born 1902) in May 1929 in
Montreal
Montreal ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...
, Quebec—ended in a divorce about 1931. Previous to her marriage to Robert, Ruth Lamar had been married to John Williams "Jack" Rumsey (1877–1960), who was owner of the Embassy Club (a nightclub in New York City) and president of the American Play Company (an old established literary agency located at 532 Fifth Avenue in
Manhattan
Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five boroughs of New York City. The borough is also coextensive with New York County, one of the original counties of the U.S. state ...
).
Robert's second marriage, which occurred on June 25, 1934 in
Washington, D.C.
)
, image_skyline =
, image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, ...
, was to Ruth "Kitty" (Leavitt) Meeker (1904–1984), daughter of
William Homer Leavitt and
Ruth Bryan Owen
Ruth Baird Leavitt Owen Rohde, also known as Ruth Bryan Owen, (née Bryan; October 2, 1885 – July 26, 1954) was an American politician and diplomat who represented in the United States House of Representatives from 1929 to 1933 and served as ...
, and granddaughter of
United States Secretary of State
The United States secretary of state is a member of the executive branch of the federal government of the United States and the head of the U.S. Department of State. The office holder is one of the highest ranking members of the president's Ca ...
,
William Jennings Bryan
William Jennings Bryan (March 19, 1860 – July 26, 1925) was an American lawyer, orator and politician. Beginning in 1896, he emerged as a dominant force in the History of the Democratic Party (United States), Democratic Party, running ...
. They had one son, cinematographer and director,
Robert "Robin" Owen Lehman Jr. Meeker had three daughters from her first marriage to William Painter Meeker (1902–1983) whom she divorced in 1933: Ruth Meeker, Helen Meeker, and Kathrine Meeker. Robert and Ruth Meeker's marriage also ended in divorce in 1951.
Robert's third marriage—to Lee "Elena" (Anz) Lynn (1919–2006)—occurred on July 10, 1952 in New York.
Biographical Dictionary of U.S. Business Leaders By John N. Ingham
/ref>
He died August 9, 1969 and is interred in Woodlawn Cemetery in the Bronx
The Bronx () is a borough of New York City, coextensive with Bronx County, in the state of New York. It is south of Westchester County; north and east of the New York City borough of Manhattan, across the Harlem River; and north of the New Y ...
, New York City.
References
External links
The Robert Lehman Collection at the Metropolitan Museum of Art
Robert Lehman papers, ca. 1880s-1977
from Robert Lehman Collection, The Metropolitan Museum of Art, New York.
Robert Lehman Collection catalogs
from The Metropolitan Museum of Art Libraries (available as full-text PDFs)
{{DEFAULTSORT:Lehman, Robert
1891 births
1969 deaths
Hotchkiss School alumni
Yale University alumni
American art collectors
Jewish American bankers
American chief executives of financial services companies
American financiers
American people of German-Jewish descent
Philanthropists from New York (state)
American polo players
American racehorse owners and breeders
Businesspeople from New York City
Lehman Brothers people
Jewish American art collectors
Jewish American philanthropists
People associated with the Metropolitan Museum of Art
Lehman family