Nasher Foundation Announces Bequest by Raymond Nasher

The Nasher Foundation of Dallas, Texas, announced today that its founder, the late Raymond D. Nasher, bequeathed the bulk of his estate to the Foundation, which will henceforth be principally dedicated to the operation and maintenance of the Nasher Sculpture Center, located in the heart of the Arts District in downtown Dallas.

Mr. Nasher, a successful Dallas real estate developer and banker, died on March 16, 2007. He, along with his late wife Patsy R. Nasher, who died in 1988, assembled over the course of their lives together and after Mrs. Nasher’s death, an internationally renowned art collection valued at the time of his death well in excess of $350 million. The Collection, together with significant other financial assets, were left to The Nasher Foundation. These donations, augmented by the $72 million that the late philanthropist personally paid to construct the renowned Nasher Sculpture Center bring to over $500 million the value of Mr. Nasher’s contribution to the cultural life of Dallas.

Vast as it is, and known primarily as the repository of one of the world’s greatest collections of modern and contemporary sculpture, the Nasher collection as a whole was actually quite varied, encompassing significant and highly regarded holdings beyond sculpture in areas such as Pre-Columbian, African, Guatemalan, Indonesian, and Native American arts; modern and contemporary paintings, drawings, and prints.

Elliot Cattarulla, Executive Director, The Nasher Foundation said: “It was Mr. Nasher’s intent that items related to the core mission of the Nasher Sculpture Center be retained and that those not vital to the Center’s mission be sold in order to augment the financial resources he left as endowment. He began this process prior to his death, and as his estate is being settled, the Board of The Nasher Foundation will continue the process by consigning certain works of art to Sotheby’s for sale in their Spring 2008 New York auctions.”

Income from the endowment, when added to continuing admissions and membership revenue from the general public, and most especially from loyal patron members and corporate donors, will enable the Center to continue its mission to be the global focal point for the study, appreciation, and conservation of modern and contemporary sculpture.

Mr. Nasher’s estate has not yet been settled. The size of the eventual endowment will depend on what the proceeds are from the sale of art and from other assets bequeathed to the Foundation.

About Nasher Sculpture Center:

The Nasher Sculpture Center, which opened in 2003, is the realization of a long-held dream of Raymond and Patsy Nasher and their family to create a home for their renowned collection. Located in the heart of Dallas’ growing Arts District, the Center is considered the first institution in the world dedicated exclusively to modern and contemporary sculpture with a collection of global significance as its foundation. The Raymond and Patsy Nasher Collection is considered one of the foremost collections of its kind in the world.

The 55,000 square-foot building and one-and-a-half acre Sculpture Garden were designed by Pritzker Prize-winning architect Renzo Piano in collaboration with landscape architect Peter Walker. On display in the Garden and Galleries are rotating works from the Raymond and Patsy Nasher Collection as well as special exhibitions drawn from and in collaboration with other museums and private collections. The Nasher Sculpture Center will celebrate its fifth anniversary in October of this year.

Website: http://www.nashersculpturecenter.org/

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