Our hero, Andrew Carnegie, lived by the adage, “the man who dies rich dies disgraced”. The final twenty years of his life were dedicated to giving away his vast fortune and we reap the benefits of his generosity daily in thousands of communities around the world that used his great fortunes to build libraries (see entries: Mr. Library and Hometown Hero). At the time of his death he had given away $350 million. The foundations and organizations he set up 100 years ago continue to ‘do good’ in the world.
J.P. Morgan lived by a different philosophy altogether. He was all in favor of conspicuous consumption and seemed to be living by the motto “he who dies with the most toys wins”. In a New York Times article from 1907 he makes it clear that retirement from business at the age of 70 would equate to a death sentence. And although he did make some sizable donations to organization he felt were deserving, he was quite happy to spend his fortune feeding his own passions.
When he died in 1913 he left his estate, worth $68 million (about a billion and half in today’s dollars), to his son. His art collection alone was estimated at $50 million. But, as fate would have it, he ended up creating a fantastic library legacy of his own; the Morgan Library in NYC.
Mr. Morgan had his library built by the famous architect Charles McKim in 1902, next door to his brownstone on Madison Avenue and 36th Street. Essentially it was a place for him to bring all the books, artwork, sculptures and object d’art that he had collected throughout Europe to one central location. He wanted to create a majestic space that would highlight the great masterpieces he had accumulated but he insisted that the interior be intimate so he could enjoy the splendor and glory of his collections. Let me just say that while I’m sure there were millions of things J.P. Morgan could have done with his money in 1902, this library is truly a temple that will take your breath away.
If life is preventing you from visiting in person, check out the slide show and guided tour at the New York Times and prepare to drool, a lot. Christoper Gray takes us inside Mr. Morgan’s Renaissance Library and explains that in these lavish rooms J.P. Morgan enjoyed his treasures as well as daily cigars and games of solitaire. He tells the amazing story of the near financial disaster of 1907 when Morgan locked a room full of prominent men in the library until they pledged to participate in a bail out (where was he a few years back?)
The current library and museum, a city block of interconnected buildings, courtyards and pavilions, has just gone through a $4.5 million restoration that cleaned away a century of grime and replaced the red damask wall covering in the study. It’s hard to decide which room is more perfect, they are all serene, beautiful and intimate. If it were my library I don’t think I would have ever come out. It is a shame that Morgan was only able to enjoy his oasis for 7 years but I, for one, am so thankful that his son, J.P. Morgan Jr., had the foresight to preserve and share (for the admission fee of $15) this fitting temple with the world.
Even thought Carnegie and Morgan didn’t always see eye to eye when it came to ideology, they were both shrewd business men. When Carnegie was 65 he sold his steel company to J.P. Morgan for $468 million. The Carnegie Institution reports that Carnegie said, Now, Pierpont, I'm the happiest man in the world. I have unloaded this burden on your back, and I'm off to Europe to play." And then, instead of playing, he went to work spreading libraries around the world and left Morgan to build one right in his own backyard.
J.P. Morgan lived by a different philosophy altogether. He was all in favor of conspicuous consumption and seemed to be living by the motto “he who dies with the most toys wins”. In a New York Times article from 1907 he makes it clear that retirement from business at the age of 70 would equate to a death sentence. And although he did make some sizable donations to organization he felt were deserving, he was quite happy to spend his fortune feeding his own passions.
When he died in 1913 he left his estate, worth $68 million (about a billion and half in today’s dollars), to his son. His art collection alone was estimated at $50 million. But, as fate would have it, he ended up creating a fantastic library legacy of his own; the Morgan Library in NYC.
Mr. Morgan had his library built by the famous architect Charles McKim in 1902, next door to his brownstone on Madison Avenue and 36th Street. Essentially it was a place for him to bring all the books, artwork, sculptures and object d’art that he had collected throughout Europe to one central location. He wanted to create a majestic space that would highlight the great masterpieces he had accumulated but he insisted that the interior be intimate so he could enjoy the splendor and glory of his collections. Let me just say that while I’m sure there were millions of things J.P. Morgan could have done with his money in 1902, this library is truly a temple that will take your breath away.
If life is preventing you from visiting in person, check out the slide show and guided tour at the New York Times and prepare to drool, a lot. Christoper Gray takes us inside Mr. Morgan’s Renaissance Library and explains that in these lavish rooms J.P. Morgan enjoyed his treasures as well as daily cigars and games of solitaire. He tells the amazing story of the near financial disaster of 1907 when Morgan locked a room full of prominent men in the library until they pledged to participate in a bail out (where was he a few years back?)
The current library and museum, a city block of interconnected buildings, courtyards and pavilions, has just gone through a $4.5 million restoration that cleaned away a century of grime and replaced the red damask wall covering in the study. It’s hard to decide which room is more perfect, they are all serene, beautiful and intimate. If it were my library I don’t think I would have ever come out. It is a shame that Morgan was only able to enjoy his oasis for 7 years but I, for one, am so thankful that his son, J.P. Morgan Jr., had the foresight to preserve and share (for the admission fee of $15) this fitting temple with the world.
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| photo of The Morgan from the New York Diary Star |
Even thought Carnegie and Morgan didn’t always see eye to eye when it came to ideology, they were both shrewd business men. When Carnegie was 65 he sold his steel company to J.P. Morgan for $468 million. The Carnegie Institution reports that Carnegie said, Now, Pierpont, I'm the happiest man in the world. I have unloaded this burden on your back, and I'm off to Europe to play." And then, instead of playing, he went to work spreading libraries around the world and left Morgan to build one right in his own backyard.
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