A Billionaire Businessman Raises the Bar in Collecting and Philanthropy

Morton Mandel, a self-made billionaire and philanthropist, has started the day by eating breakfast in his art-filled Palm Beach home while gazing at a large Roy Lichtenstein painting called Woman IV. Painted in 1982, the Lichtenstein is endlessly fascinating: an abstract array of red, black, blue and yellow depictions of brushstrokes with a woman’s features visible at the top, it pays clever homage to Willem de Kooning’s seminal Woman series, a touchstone of Abstract Expressionism. Now The Mandels are parting with 26 masterworks from their collection, the proceeds from which will go entirely to a non-profit family foundation. To be auctioned at Sotheby’s in May, the collection is estimated to bring in excess of $75 million, which will help the Mandel Foundation achieve its mission “to contribute to the flourishing of the United States and Israel as just, inclusive and compassionate societies, and to improve the quality of life in both countries.” From its headquarters in Cleveland, the foundation supports leadership training, management excellence in the non-profit sector, the humanities, urban renewal and Jewish life.