Behind every billionaire there is a story!

Eli Broad Opts to Hold On to His Collection

 Eli Broad, the billionaire financier and philanthropist whose private collection of some 2,000 works of Modern and contemporary art is one of the most sought-after by museums nationwide, has decided to retain permanent control of his works in an independent foundation that makes loans to museums rather than give any of the art away.The decision is a striking reversal by Mr. Broad, who as recently as a year ago said that he planned to give most of his holdings to one or several museums.

Long assumed to be at the top of the list of potential recipients was the Los Angeles Museum of Art, which next month is to open the $56 million Broad Contemporary Art Museum, a building designed by Renzo Piano and financed by Mr. Broad, as the centerpiece of its redesigned campus on Wilshire Boulevard.

read the rest published by NY Times here:

http://www.nytimes.com/2008/01/08/arts/design/08muse.html?_r=1&oref=slogin