Leonard A. Lauder, chairman emeritus of the Estee Lauder Companies, has donated his Cubist collection of art, which includes 33 paintings by Pablo Picasso, to the Metropolitan Museum in New York.
The 78-piece collection is reported to be worth over $1 billion dollars.
Lauder's generous gift will transform the Met, since modern art was the one era of art history it had been lacking in. Scholars say Lauder's collection is among the world's greatest, if not better than the Cubist collections of paintings, drawings, and sculptures at the Museum of Modern Art in New York, or at the Pompidou Center in Paris.
The Met will also establish The Leonard A. Lauder Research Center for Modern Art, which will foster the study of modern art and cubism's impact on art, design and architecture. An exhibition is already planned for fall 2014.
Photo courtesy of The Estee Lauder Companies