Blog: I'm a little bummed out about the decision to auction off most of Jim Irsay's incredible collection
We know why this is happening: Taxes. Still, it's a shame.
I’m not a big museum guy.
OK, get me a ticket to The Louvre, I’ll show up and check it out, but by and large, museums bore me. (I’m not a cultured person, apparently).
But I’ve seen Jim Irsay’s collection no less than five times now, and I’ve always found something new and utterly fascinating.
That’s why it hurts to hear that the Irsay daughters have decided to auction off their father’s prized collection to the highest bidders in an auction at Christie’s. Jim Irsay once said he was offered $1 billion for the collection. I don’t doubt it. Sadly, it’s highly unlikely the entire collection will be purchased by one entity and then shared with the public the way Jim shared it with fans all over the country. For many, or even most, the guitars, drum sets, historical artifacts and the rest will end up in somebody’s very large rec room, never to be shared with the public again.
“This decision was not made lightly, but with deep reflection and love for the legacy he built,” the Irsay family said in a statement. “Our dad was a passionate collector, driven not by possession, but by a profound appreciation for the beauty, history and cultural resonance of the items he curated. From iconic instruments to handwritten lyrics by legends to rare historical artifacts and documents, each piece in the collection tells a story -- and he was always so excited to share those stories with the world.”
The collection includes musical instruments played by legends like The Beatles, Jimi Hendrix and Kurt Cobain, Muhammad Ali’s championship belt from his victory over George Foreman in Zaire and a more-than-200 year-old copy of the Declaration of Independence.
One day, I was sitting in the press room at the Colts facility when Irsay’s secretary asked me to come back to the owner’s office. Turned out, he had something he wanted to show me. It was his latest addition to the collection, the scroll upon which author Jack Kerouac wrote “On The Road,” a classic Beatnik tome and one of my favorite books. He was especially proud of that item in his vast collection.
He also presented an annual gift to the city, setting up his collection in Lucas Oil Stadium while giving a free concert with the Jim Irsay Band. All free of charge.
Now, though, it almost has to be sold because of inheritance taxes.
It used to feel like the collection somehow belonged to Indianapolis.
Now, it will belong to several new owners, who may or may not share it with the world.
A pity, really.
"...but with deep reflection and love for the legacy he built." << is exactly why you wouldn't sell it. Or at least sell the entire collection to someone who would share it with the world.
In all fairness, I collect this and that. My family would/will sell what they can the minute I pass away.
The daughters should have just issued this statement: "These things don't mean anything to us. So we'll sell them to anyone who wants them." THAT is honesty.
I feel like the tax issue is a bit of a cop out given the family's vast wealth. Though I don't begrudge them for doing what they feel is right for them, but I, too, am saddened, as a collector myself. I hope they keep at least a few items that they connect with in some way to remember their dad by. I cherish several items that belonged to my late father.