What do you do when you buy a new home that has too much empty wall space? If you are Iris or Matthew Strauss, you start an art collection. The couple has been collecting contemporary art since 1987, beginning with two Gerhard Richters that have since become the most famous pieces in their possession. Since then, their collection has expanded to include over 240 works by internationally recognized artists from the 1980s to the present—more than enough artwork to fill the over-21,000 square feet of residential and gallery space that make up their estate, Rancho del Arte, in California. The Strauss Family Foundation, which promotes the understanding and appreciation of contemporary art, is also a part of the estate. Housed in a 6,000-square-foot former guest house, the foundation contains 68 pieces from the Strauss collection and is open by appointment.

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Iris and Matthew Strauss

Rancho Santa Fe, California

Source of wealth:
Private real-estate investments (M.C. Strauss Company)

Collecting area:
Contemporary art

Top 200 appearance:
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Fun fact:

Matthew Strauss is currently serving as the president of the Museum of Contemporary Art San Diego.