Collectors: Chase's Tenth

As a businessman, David Rockefeller, 53, president of New York's Chase-Manhattan Bank, might logically be expected to derive considerable satisfaction from the resounding financial success of Chase's ambitious program to decorate its offices and reception areas with fine art. In the decade since the program's inception, the bank has spent $800,000 for 1,500 paintings, sculptures and graphics by 500 artists. The collection's net value has appreciated to $1,500,000 —a 60% increase that compares favorably with the Dow Jones industrial average.

Celebrating Chase's tenth anniversary last week, Rockefeller invited 290 artists from around the world to a "thank you" dinner atop the bank's 60-story skyscraper. A total of approximately 125 showed up, mostly New Yorkers, but including Hans Hartung from Paris, Sidney Nolan from London, Manabu Mabe from Brazil. West Germany's Heinz Mack prankishly mailed in a lifesize, cardboard-backed photograph of himself in black tie, folded so that it could—and did—sit down at table and listen to the speeches with the other guests.

Chase-Manhattan's example has encouraged scores of other corporations to embark on ventures into artistic patronage. As a corporate Medici, Rockefeller sincerely considers the art that he buys not only a handy way to win investors or project a good image, but also a "notable source of pleasure and inspiration." Executives can select any kind of work they want in their offices (and happy executives are presumably better executives), but all acquisitions are approved by a committee of museum experts. Generally speaking, paintings tend to be by younger lesser-knowns, graphics by elder reliables (Picasso, Albers, Currier & Ives). The committee also complements its postwar selections with 18th and 19th century American wood carvings, South Pacific tapa cloth, Middle Eastern bronzes. In ihe past year, the committee's nod has gone to recent works by Romare Bearden, Fairfield Porter, Ilya Bolotowsky, Adolph Gottlieb, Ludwig Sander, Wojciech Fangor, Otto Piene, Gunther Uecker, Pol Bury. Since Chase plans to open new offices in London, Milan and Puerto Rico, still more additions will be needed to furnish them as well.