Benjamin Altman

Benjamin Altman
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Name	Benjamin Altman
Birth date	July 12, 1840
Birth place	New York City, New York, U.S.
Death date	October 7, 1913 (aged 73)
Death place	New York City, New York, U.S.
Occupation	Businessman, art collector, philanthropist
Known for	Founder of B. Altman and Company, major art benefactor to The Metropolitan Museum of Art

Benjamin Altman was a prominent American merchant, philanthropist, and one of the foremost art collectors of the Gilded Age. He founded the renowned B. Altman and Company department store and assembled an exceptional collection of Old Master paintings and decorative arts, which he bequeathed to The Metropolitan Museum of Art. His legacy endures through his transformative gift to the museum and his contributions to the commercial landscape of New York City.

Early life and education

Benjamin Altman was born in 1840 in New York City to German-Jewish immigrants. His father, a modest merchant, operated a small store on Manhattan's Lower East Side, an area densely populated by immigrants. Receiving a basic education in the city's public schools, Altman entered the workforce at a young age, gaining early experience in the dry goods trade. This foundational period in the bustling commercial environment of mid-19th century New York City provided him with crucial insights into retail and merchandising.

Department store career

In 1865, Altman used a $5,000 loan to establish a small dry goods store on Third Avenue in Manhattan, laying the groundwork for what would become B. Altman and Company. He relocated the business to Sixth Avenue in 1876, strategically positioning it within the emerging Ladies' Mile shopping district. Under his leadership, the store pioneered modern retail practices, including fixed pricing, generous return policies, and high-quality customer service. The company's greatest expansion came with the 1906 opening of its iconic flagship store at Fifth Avenue and 34th Street, a monumental Beaux-Arts building designed by the firm of Trowbridge & Livingston that directly competed with neighboring establishments like Lord & Taylor and John Wanamaker.

Art collection and philanthropy

A lifelong bachelor, Altman devoted his considerable wealth to assembling one of America's finest private art collections. He focused primarily on European Old Master paintings, with a particular emphasis on early Italian Renaissance and Dutch Golden Age works. His acquisitions included masterpieces by artists such as Rembrandt, Frans Hals, Botticelli, and Hans Memling, often purchased through leading dealers like Joseph Duveen. He also collected significant examples of Chinese porcelain, Renaissance jewelry, and Islamic carpets. In a landmark act of philanthropy, his 1913 will bequeathed his entire collection, along with a $1 million endowment, to The Metropolitan Museum of Art, fundamentally enhancing the institution's holdings and leading to the creation of the dedicated B. Altman Galleries.

Personal life and legacy

Altman was known as a intensely private and frugal man, despite his immense wealth. He resided for decades in a suite at the Fifth Avenue Hotel before moving to a mansion on Fifth Avenue. He never married and had no children, directing his energies instead toward his business and his passion for art. His death in 1913 was noted in major publications like The New York Times. His primary legacy is the Benjamin Altman Collection, which remains a cornerstone of The Metropolitan Museum of Art's European painting galleries. Furthermore, the B. Altman and Company building, a designated New York City Landmark, stands as an architectural testament to his commercial vision, and his philanthropic model influenced subsequent benefactors like Henry Clay Frick and J.P. Morgan.

Category:American art collectors Category:American businesspeople Category:American philanthropists Category:People from New York City