George Blumenthal (banker)

George Blumenthal
Born	Template:Birth date Frankfurt am Main, Germany
Died	June 26, 1941(1941-06-26) (aged 83) New York City, U.S.
Occupation(s)	Banker, philanthropist
Known for	Managing U.S. operations of Lazard Frères; president of the Metropolitan Museum of Art

George Blumenthal (April 7, 1858 – June 26, 1941) was a banker of German origin who managed the U.S. operations of Lazard Frères.

Early life

Born in 1858 in Frankfurt am Main to Hermann Blumenthal and Helene Hickel, Blumenthal came from a Jewish background.

Career

Initially associated with Speyer & Co., Blumenthal was dispatched to the United States as a foreign-exchange banker and eventually took charge of the American division of Lazard Frères. He also held partnership roles within Lazard Frères' French branch. Although he retired in 1901 and gave up his stock exchange membership, he rejoined as a partner in 1906 and reacquired his exchange seat in 1916 for $63,000 (equivalent to $ today). In collaboration with figures like J. P. Morgan the elder, Blumenthal was among five financiers who extended $65 million in gold loans that upheld Grover Cleveland's adherence to specie payments during 1896.

Philanthropy

In New York, Blumenthal presided over Mount Sinai Hospital, contributing $2 million; an auditorium there is named in his honor. He served as a trustee for many years and was the seventh president of the Metropolitan Museum of Art from 1934 until his passing in 1941. His support included a $1 million donation and the gift of the Patio from the Castle of Vélez Blanco, a notable Spanish Renaissance architectural piece. Additionally, he led the American Hospital of Paris. After his demise, William Church Osborn took over leadership at the Metropolitan Museum.

Blumenthal’s niece, Katharine Graham, characterized him as a "difficult man with a big ego." Together with his wife Florence, he founded the Blumenthal Rare Book and Manuscript Library, which holds over 12,000 rare volumes, manuscripts, and Haggadot, fostering academic study. This collection emphasizes Jewish art publications and includes items donated to New York City's Jewish Museum.

Personal life

In 1898, George Blumenthal wed Florence Meyer (1875–1930), daughter of Marc Eugene Meyer and sibling to financier Eugene Isaac Meyer. Their only child, George Blumenthal Jr. (1899–1906), died during childhood.

Following Florence’s death in 1930, Blumenthal remarried in December 1935 to Marion "Mary" (née Payne) Clews (1890–1973), widow of banker James Blanchard Clews, who was related to Henry Clews. Mary descended from Sir Robert Payne, an early settler in Virginia.

Blumenthal passed away at his residence in New York City on June 26, 1941. His estate was valued at over $8 million (equivalent to approximately $ today). After his death, Mary remarried Brigadier General Ralph Kenyon Robertson in 1943 and later became Countess von Wrangell through her marriage to Baron Carl von Wrangell-Rokassowsky in 1969.

Legacy

George and his second wife established the George and Marion Blumenthal Research Scholarships, which are awarded annually by the Roski School of Fine Arts at the University of Southern California to recognize excellence in community arts leadership.

External links

• The residence of George and Florence Blumenthal located at 50 East 70th Street in New York during the 1920s, a digitized photo collection from the The Metropolitan Museum of Art Libraries