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Austin360 blogs > Austin Arts: Seeing Things > Archives > 2010 > February > 02 > Entry
Michael Dell’s $100 million purchase of Magnum Photos archive to live at UT — for five years
The University of Texas’ Ransom Center will be home for five years to nearly 200,000 original press photographs taken by the legendary staff of Magnum Photos, the long-standing international agency, the university announced Tuesday.
The Magnum Photos archive was purchased last year by MSD Capital, the $10 billion private investment firm for the family of Michael Dell.
Officials from MSD Capital and Magnum Photos would not disclose the purchase price of the private sale. But UT officials said that the Ransom Center insured the collection for $100 million.
The Magnum collection contains photographs dating from the 1930s through the 1990s and includes images of major world events, celebrities and startlingly candid shots by famed photographers such as Henri Cartier-Bresson, Robert Capa, Elliott Erwitt, Leonard Freed and Bruce Davidson.
As part of the arrangement, the Ransom Center has agreed to catalog and preserve the entire photo archive as well as host exhibitions and public programs. The Ransom Center will also make digital scans of every image. However, the cost to UT and the Ransom Center for the Magnum archive’s care and cataloging has not been determined, said Ransom Center spokeswoman Jen Tisdale.
Magnum and its photographers retain the copyright and licensing rights to the images. Dell’s MSD Capital will retain ownership of the photographs.
A spokesman for MSD Capital said that both the investment firm and Magnum Photos are making financial contributions to the Ransom Center to support the care and archiving of the collection, but he would not disclose the amount of those donations.
Cataloging, digitizing and publicly exhibiting an archive ultimately adds to its value.
The agreement between the Ransom Center, Magnum Photos and MSD Capital comes as the university is facing budget cuts including the controversial move to shut down the Cactus Cafe and cancel the UT informal classes program.
With the purchase of the Magnum archive, Dell himself joins an exclusive club of high-tech titans who have purchased important photography collections. In 1995, Microsoft founder and billionaire Bill Gates, through his privately owned digital stock photo company Corbis Corp., purchased the Bettmann Archive, a collection of some 19 million prints assembled by German collector Otto Bettman.
And this is not the first time that MSD Capital and its members have gotten involved in the art market.
Co-managing partners Glenn R. Fuhrman and John C. Phelan both collect contemporary art.
Fuhrman’s Flag Art Foundation in New York — which presents exhibits of contemporary art — co-produced a recent exhibit at Austin’s Lora Reynolds Gallery that featured the work of Noriko Ambe.
The Flag Foundation’s next exhibit for its Chelsea gallery? ‘Size Does Matter,’ a show curated by basketball legend Shaquille O’Neal.
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