Who is Philip Niarchos?
Philip Niarchos (born 1954) is a Greek businessman and art collector. Philip Niarchos is the eldest son of Stavros Niarchos, a prominent Greek shipping magnate, and one of the wealthiest individuals in the world.
Philip Niarchos inherited a substantial portion of his family's wealth and continued to be involved in the family's shipping and business interests. However, he was perhaps best known for his significant art collection. Like his father, Philip is a passionate art collector and amassed an impressive array of modern and contemporary artworks.
He serves as a board member for the Museum of Modern Art in New York City and holds the position of an international council member at London's Tate Gallery. His education took place at Institut Le Rosey in Switzerland.
In partnership with his younger brother, Spyros, Niarchos serves as co-president and sits on the board of directors of the Stavros Niarchos Foundation. This foundation, established over a quarter-century ago, ranks among the world's largest global private philanthropic organizations. It has disbursed a total of $3.3 billion through 5,000 grants, with a primary focus on providing global funding for physical and mental health initiatives. In 2022, the foundation made a significant commitment of $15 million towards a youth mental health program in Greece in collaboration with The Child Mind Institute and The Greek Ministry of Health.
While Philip Niarchos generally maintained a private profile, his art collection became a topic of interest in the art world. Some of the artworks he owned were highly valuable and included pieces by renowned artists such as Pablo Picasso, Vincent van Gogh, and Andy Warhol.
Philip Niarchos's contribution to the art world and his family's legacy in business and philanthropy made him a notable figure, particularly in the fields of art and commerce.
Niarchos’ family collection
Following his father's passing, Philip Niarchos inherited the majority of his father's collection and has diligently carried on his father's legacy. As a result, he has cultivated the largest private art collection of the 20th century.
In 1957, his father acquired a collection for $3 million from actor Edward G. Robinson, which includes some of the most iconic artworks in the world. Philip’s ongoing contributions to the collection have not only expanded its scope but also elevated its value, solidifying its status as one of the most highly sought-after art collections globally.
Indeed, Stavros Niarchos, who held a deep passion for 20th-century art, particularly post-war art, amassed a collection of masterpieces in the family residences located in Athens, Paris, London, and St. Moritz. This deliberate act ensured that Philip had the privilege of accessing original works by renowned artists such as Degas, Cezanne, El Greco, Gauguin, Goya, Monet, Renoir, and numerous others from his early childhood onwards. Today this exceptional collection is projected to be valued at $2.2 billion, while Philip Niarchos overall wealth is estimated to be approximately $2.8 billion.
One of the standout treasures in Philip Niarchos' art collection is a self-portrait by Picasso titled "Yo Picasso," which Stavros Niarchos Sr. acquired for $47.9 million at a Sotheby's auction in 1989. Demonstrating his respect for his father's fascination with the self-portraits of visionary artists, Philip went on to purchase self-portraits by Vincent van Gogh (approximately $90 million) and Jean-Michel Basquiat ($3.3 million) several years later. It's worth noting that the price paid for Basquiat's painting was 5.5 times higher than the average cost of the artist's works. Through this acquisition, Philip elevated Basquiat to the ranks of the most expensive post-war artists of the 20th century.
Furthermore, it is believed that the Niarchos family possesses the largest private assemblage of Vincent van Gogh's artworks, including the renowned "Self-portrait with Bandaged Ear." While they keep the precise inventory of their collection private, the Niarchos dynasty cannot be characterized as possessive. For instance, during the 1990s, they generously contributed five pieces by the Dutch artist to the Van Gogh Museum for a retrospective commemorating the centenary of the brilliant but troubled genius's passing. Among these works were the aforementioned self-portrait and the equally famous "Portrait of Pere Tanguy."
In 1994, Philip Niarchos expanded his art collection with the acquisition of Andy Warhol's "Marilyn Red" for $3.63 million at a Christie's auction. Then, in 2007, this collector made a notable investment by purchasing "Green Burning Car I" (1963) for a staggering $17 million, a transaction that established a record price for Warhol's artworks.
Additionally, Niarchos is actively involved in the art world, serving as a board member at the Museum of Modern Art in New York and as an international council member at Tate in London.
Selena Mattei
