Emily and Mitchell Rales
New York; Potomac, Maryland
Global science and technology
Mitchell Rales has been media-shy since 1985, when a Forbes article labeled him and his brother Steven as “raiders in short pants.” Shortly after that article was published, Rales began collecting contemporary art, and his appreciation for the artists he collects appears to be personal. As Rales told the New York Times in 2012, “Back in the 1940s and ’50s artists like de Kooning and Pollock were considered outcasts and revolutionaries. My brother and I were seen as two upstarts in a world of older CEOs.” Works by de Kooning and Pollock, as well as Jasper Johns, Ellsworth Kelly, John Baldessari, Robert Rauschenberg, and Felix Gonzalez-Torres, among many others, now figure in the collection of Glenstone, the private museum in Potomac, Maryland, that was initiated in 2006 and expanded in grand fashion by architect Thomas Phifer’s firm in 2018. Emily, a former Gladstone Gallery director, currently leads Glenstone.
During the May 2019 auctions in New York, the couple snapped up Lee Krasner’s The Eye is the First Circle (1960) for Glenstone; the work went for $11.7 million when it sold at Sotheby’s, and it shattered the artist’s previous auction record. When Jeff Koons’s Rabbit sold for $91.1 million that month at a Christie’s contemporary art sale in New York, rumors flew regarding the anonymous buyer. The winning bid was placed by art dealer Robert Mnuchin, who is known to work with the Raleses, but Mitchell told the Wall Street Journal that the piece would not be heading to Glenstone.