The Collector's Plea 0

[adamstrange]

In 1915, JP Morgan's peerless collection of Chinese porcelains was purchased by the Duveen Brothers for over $3 million.  John Rockefeller Jr. wanted to buy the premier pieces and appealed to his father for a loan, explaining the extraordinary opportunity that was unlikely to ever appear again.  He was turned down.

In a letter, Junior made one last try:

I have never squandered money on horses, yachts, automobiles or other foolish extravagances.  A fondness for the porcelains is my only hobby -- the only thing on which I have cared to spend money.  I have found their study a great recreation and diversion; and I have become very fond of them.  This hobby, while a costly one, is quiet and unostentatious and not sensational.  I am sure that if I had the actual cash on hand, you would encourage rather than discourage my development of so innocent and educative an interest.  The money put into these porcelains is not lost or squandered.  It is all there, and while not income-producing, I have every reason to believe that even at a forced sale, I could get within ten percent of what these things would cost, while a sale under ordinary circumstances would certainly realize their full cost value, and as year go by more...
 

Is it unwise for me to gratify a desire for beautiful things, which will be a constant joy to my friends and to my children as they grow to appreciate them, as well as myself, when it is done in so quiet and unostentatious a manner? ... Much as I want to do this thing -- and I think you do not realize how much I should like to do it, for you do not know the beauty and charms of these works of art--I want more to do what you fully approve, so I have ventured to write this long letter, hoping that perhaps this fuller statement of the situation may lead you to see it in a somewhat different light.

Deeply moved, Father relented, $2 million worth of securities was forthcoming.  When Junior approached to arrange the terms for the loan, he was told it was a gift.

[Jayman]

Maybe a letter such as this will help score the 9.8 Cap? 

[adamstrange]

On 2/23/2022 at 11:41 PM, Jayman said:

Maybe a letter such as this will help score the 9.8 Cap? 

Is your father a Rockefeller?

[Jayman]

On 2/24/2022 at 12:02 AM, adamstrange said:

Is your father a Rockefeller?

No. I’m sure my dad would probably just have a good laugh seeing a letter like that from me! 

[sfcityduck]

On 2/23/2022 at 8:17 PM, adamstrange said:

In 1915, JP Morgan's peerless collection of Chinese porcelains was purchased by the Duveen Brothers for over $3 million.  John Rockefeller Jr. wanted to buy the premier pieces and appealed to his father for a loan, explaining the extraordinary opportunity that was unlikely to ever appear again.  He was turned down.

In a letter, Junior made one last try:

I have never squandered money on horses, yachts, automobiles or other foolish extravagances.  A fondness for the porcelains is my only hobby -- the only thing on which I have cared to spend money.  I have found their study a great recreation and diversion; and I have become very fond of them.  This hobby, while a costly one, is quiet and unostentatious and not sensational.  I am sure that if I had the actual cash on hand, you would encourage rather than discourage my development of so innocent and educative an interest.  The money put into these porcelains is not lost or squandered.  It is all there, and while not income-producing, I have every reason to believe that even at a forced sale, I could get within ten percent of what these things would cost, while a sale under ordinary circumstances would certainly realize their full cost value, and as year go by more...
 

Is it unwise for me to gratify a desire for beautiful things, which will be a constant joy to my friends and to my children as they grow to appreciate them, as well as myself, when it is done in so quiet and unostentatious a manner? ... Much as I want to do this thing -- and I think you do not realize how much I should like to do it, for you do not know the beauty and charms of these works of art--I want more to do what you fully approve, so I have ventured to write this long letter, hoping that perhaps this fuller statement of the situation may lead you to see it in a somewhat different light.

Deeply moved, Father relented, $2 million worth of securities was forthcoming.  When Junior approached to arrange the terms for the loan, he was told it was a gift.

Can you post one that works for wives?

[Cat-Man_America]

On 2/23/2022 at 10:17 PM, adamstrange said:

In 1915, JP Morgan's peerless collection of Chinese porcelains was purchased by the Duveen Brothers for over $3 million.  John Rockefeller Jr. wanted to buy the premier pieces and appealed to his father for a loan, explaining the extraordinary opportunity that was unlikely to ever appear again.  He was turned down.

In a letter, Junior made one last try:

I have never squandered money on horses, yachts, automobiles or other foolish extravagances.  A fondness for the porcelains is my only hobby -- the only thing on which I have cared to spend money.  I have found their study a great recreation and diversion; and I have become very fond of them.  This hobby, while a costly one, is quiet and unostentatious and not sensational.  I am sure that if I had the actual cash on hand, you would encourage rather than discourage my development of so innocent and educative an interest.  The money put into these porcelains is not lost or squandered.  It is all there, and while not income-producing, I have every reason to believe that even at a forced sale, I could get within ten percent of what these things would cost, while a sale under ordinary circumstances would certainly realize their full cost value, and as year go by more...
 

Is it unwise for me to gratify a desire for beautiful things, which will be a constant joy to my friends and to my children as they grow to appreciate them, as well as myself, when it is done in so quiet and unostentatious a manner? ... Much as I want to do this thing -- and I think you do not realize how much I should like to do it, for you do not know the beauty and charms of these works of art--I want more to do what you fully approve, so I have ventured to write this long letter, hoping that perhaps this fuller statement of the situation may lead you to see it in a somewhat different light.

Deeply moved, Father relented, $2 million worth of securities was forthcoming.  When Junior approached to arrange the terms for the loan, he was told it was a gift.

I wonder if anyone has explored this angle to acquire collectibles through JP Bedrock? 

[adamstrange]

On 2/24/2022 at 12:20 AM, sfcityduck said:

Can you post one that works for wives?

I have, in my time, heard of such stories.

I don't believe a word of them.

[buttock]

"Dear adamstrange..."

[Terry JSA]

On 2/23/2022 at 11:41 PM, Jayman said:

Maybe a letter such as this will help score the 9.8 Cap? 

And maybe a few extra 0’s to top it all off. 

[adamstrange]

Continuing the story:

Quote

Still, even though Junior bargained firmly, studied seriously, and kept abreast of changing taste, the sale value of his collections grievously slumped.  His most celebrated single acquisition was his purchase in 1915 of the choicest items in the JP Morgan Coll for $1.66 million. Yet when he had the same objects appraised for estate purposes in 1944, Junior acknowledged that no dealer then would pay more than $25K for vases valued at $100k or $75K three decades earlier  Both prices and taste had changed.

This was in the middle of a long war after a lengthy depression.

[Albert Thurgood]

I would give this a try... maybe the Rockefellers still give money like this to well-written pleas from collectors. 

Edited February 24, 2022 by Albert Thurgood
Corrected autocorrect error

[tth2]

On 2/25/2022 at 6:06 AM, adamstrange said:

Continuing the story:

Quote

Still, even though Junior bargained firmly, studied seriously, and kept abreast of changing taste, the sale value of his collections grievously slumped.  His most celebrated single acquisition was his purchase in 1915 of the choicest items in the JP Morgan Coll for $1.66 million. Yet when he had the same objects appraised for estate purposes in 1944, Junior acknowledged that no dealer then would pay more than $25K for vases valued at $100k or $75K three decades earlier  Both prices and taste had changed.

This was in the middle of a long war after a lengthy depression.

$3m in 1915 was an immense amount of money.

But having said that, the family that I used to work for sold off their Chinese porcelain collection a few years ago for over $200 million.

[adamstrange]

On 2/25/2022 at 10:55 AM, tth2 said:

$3m in 1915 was an immense amount of money.

But having said that, the family that I used to work for sold off their Chinese porcelain collection a few years ago for over $200 million.

A delegation of Chinese dignitaries on a 1906 tour of the US saw the Morgan Collection when it was on exhibit at the Metropolitan.  They commented that it would not be possible to duplicate it any price. 

Most of Rockefeller's collection (the core of which was from Morgan's) was donated to the Metropolitan, the Asia Society and other US institutions.

Edited February 25, 2022 by adamstrange

[adamstrange]

The Rockefeller story is from the book below, which I've enjoyed reading.