NEW YORK -- The collection of 19th- and 20th-century art assembled by William S. Paley, valued in the hundreds of millions of dollars, will go to the Museum of Modern Art.
Among the masterpieces collected by the late chairman of CBS is "Boy Leading a Horse," from 1906, a large-scale painting from Picasso's rose period that was a centerpiece of the Picasso survey at the Modern in 1980.
Friday, Richard E. Oldenburg, director of the Modern, cited Paley's gift as "one of the most significant ever presented to this institution."
He added, "At a time when donations of great works of art to museums have been declining because of tax changes and soaring values, this magnificent donation of masterpieces sets an extraordinary example of generosity and public spirit."
Paley, who died on Oct. 26, had a long association with the Modern. He was appointed a trustee in 1937, and served as board president from 1968 to 1972 and as chairman from 1972 to 1985.
Over the years, he gave the Modern many works by Picasso, Redon, Elie Nadelman and a contemporary artist, Michele Stuart, among others.