Robert Lehman
Robert Owen Lehman Sr. | |
|---|---|
| Born | September 29, 1891 New York City, U.S. |
| Died | August 9, 1969 (aged 77) |
| Occupation(s) | Financier, racehorse owner, art collector, philanthropist |
| Known for | Leading Lehman Brothers investment bank; art collection at the Metropolitan Museum of Art |
Robert Owen Lehman Sr. (September 29, 1891 – August 9, 1969) was a prominent American financier who led the Lehman Brothers investment bank for many years. He was also distinguished as a racehorse owner, an avid art collector, and a dedicated philanthropist.
Life and career
Lehman was born into a Jewish family in New York City, the son of Philip Lehman (1861–1947) and the grandson of Emanuel Lehman, one of the founders of Lehman Brothers. He completed his education at Hotchkiss School in 1908 and graduated from Yale University in 1913, where he was a member of the Delta Kappa Epsilon fraternity.
Upon his father’s retirement in 1925, "Bobbie" Lehman took over the reins of the family-owned investment bank, which at that time operated from a single office, similar to rivals such as Goldman Sachs and Morgan Stanley. He was known for prioritizing prudent financial management alongside cultivating strategic alliances, famously choosing to "bet on people." Among those he supported was Juan Trippe, who developed Pan American World Airways into a leading airline.
To facilitate expansion while maintaining family voting authority, Lehman innovated by inviting outside partners into the firm. He sold a stake to industrialist John D. Hertz, previously owner of Yellow Cab Company and a board member at General Motors. Under Lehman’s direction, Lehman Brothers concentrated on financing burgeoning consumer sectors like retail, aviation, and entertainment. Significant transactions included brokering the 1928 sale of majority shares in the Keith-Albee-Orpheum theatre chain to Joseph P. Kennedy, which contributed to the formation of RKO studios. Additionally, Lehman arranged initial funding for Paramount Pictures, utilizing Hertz’s influence on Paramount’s board.
Lehman adeptly guided the company through the challenges of the 1929 stock market crash and the ensuing Great Depression. Following World War II, he expanded Lehman Brothers’ presence internationally by establishing operations in Paris to better serve global clientele. These strategic initiatives helped establish him as one of America’s wealthiest individuals during his era.
Thoroughbred horses
An enthusiast of horse racing and polo, Robert Lehman owned and bred thoroughbreds that competed at high levels, with five participating in the Kentucky Derby. His horses, mainly trained by Ralph G. Kercheval, achieved victories in prestigious stakes such as the Correction Handicap, Long Island Handicap at Aqueduct Racetrack, and Bernard Baruch Handicap held at Saratoga Race Course.
Art collection
Lehman significantly grew an art collection originally started by his father in 1911 at their residence located at 7 West 54th Street. He served on the Board of Trustees for the Metropolitan Museum of Art and became its inaugural chairman during the 1960s. In 1957, nearly 300 pieces from his collection were displayed at Paris’s Musée de l'Orangerie—the sole private American collection to receive this honor at that time. Yale University recognized his cultural impact by awarding him an honorary Doctor of Humane Letters degree in 1968.
Following his passing in 1969, the Robert Lehman Foundation contributed almost 3,000 artworks to the Metropolitan Museum of Art. This donation included masterpieces by Henri Matisse, Francisco Goya, Henri de Toulouse-Lautrec, Édouard Vuillard, Auguste Rodin, André Dunoyer de Segonzac, Maurice de Vlaminck, and Suzanne Valadon. These works are exhibited in the Robert Lehman Wing, which opened in 1975 and is celebrated as one of the most exceptional private collections in the United States. The foundation continues its support for the arts through initiatives such as the Robert Lehman Art Lecture Fund, international museum exhibitions, PBS programming, and by maintaining the Robert Lehman Art Center at Brooks School in North Andover, Massachusetts.
Personal life
Robert Lehman experienced three marriages throughout his lifetime. His initial union was with Ruth S. (née Lamar) Rumsey in 1929, which concluded in divorce approximately two years later, around 1931. Prior to this marriage, Ruth had been wed to John Williams "Jack" Rumsey, who was known as a New York nightclub proprietor and served as president of the American Play Company, a literary agency.
In 1934, Lehman entered his second marriage with Ruth "Kitty" (Leavitt) Meeker, who was the granddaughter of former U.S. Secretary of State William Jennings Bryan. Together, they had a son named Robert "Robin" Owen Lehman Jr., who pursued a career as a cinematographer and director. Meeker brought three daughters from a previous marriage into their family. This marriage ended in divorce in 1951.
Lehman's third and final marriage took place in 1952 when he wed Lee "Elena" (Anz) Lynn.
Robert Lehman passed away on August 9, 1969, and his final resting place is Woodlawn Cemetery located in the Bronx, New York City.
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)