The residence of Jules S. Bache, housing one of the finest art collections of its size in the country and valued at many millions of dollars, will become a public museum as a result of the banker’s decision to give it to the State as a gift.
The building, 814 Fifth Ave., will be administered by a foundation set up by Mr. Bache with funds for its maintenance. It houses 97 paintings, including works of Rembrandt, Raphael, Titian and Velasquez, sculpture, furniture and porcelains gathered by Mr. Bache.
The gift has been approved by the New York State Board of Regents and first steps taken to transfer the collection to the Jules Bache Foundation. The original trustees of the foundation are Lord Duveen, Grover A. Whalen, Lewis L. Fawcett, Maurice Newton and Louis S. Levy.
Mr. Bache is director of the museum, acting without compensation. It was hoped that the museum could be adapted for public opening before the end of the year. Under the terms of the gift the collection will be kept as an entity.
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