Arthur Altschul, a former partner of Goldman Sachs and a leading figure in the world of finance, art and philanthropy, died on March 17, 2002, at the age of 81. His death was caused by complications from a stroke, according to his family.
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A Life of Success and Service
Arthur Altschul was born on April 6, 1920, in Manhattan, to a wealthy and influential family. His mother, Helen Lehman Goodhart, was the granddaughter of Mayer Lehman, one of the founders of Lehman Brothers. His father, Frank Altschul, was a financier and philanthropist who founded Overbrook Management Corporation, a private family office.
Arthur Altschul graduated from Deerfield Academy and Yale College, and served in the Marines during World War II. He began his career as a reporter for The New York Times, then worked as an analyst for Lehman Brothers. He joined General American Investors Company, an investment firm, in 1953, and became its chairman in 1961. He also became a partner of Goldman Sachs in 1959, and remained with the firm until 1999, as a general partner and then a limited partner.
Arthur Altschul was known for his expertise in finance, his integrity and his generosity. He was a major donor and trustee of many cultural and educational institutions, such as the Metropolitan Museum of Art, the Whitney Museum, Barnard College, Yale University, the United Jewish Appeal, the International Foundation for Art Research and The American Assembly. He received numerous honors and awards for his contributions, including the Barnard Medal of Distinction, the highest honor of Barnard College, in 1984.
A Family of Four Wives and Five Children
Arthur Altschul was married four times and had five children. His first wife, Stephanie Rosemary Wagner, died in a plane crash in 1961. They had two sons, Stephen and Charles. His second wife, Siri von Reis, was a botanist. They divorced in 1972, and had three children, Arthur Jr., Emily and Serena. His third wife, Diana Landreth Childs, was a former model. They also divorced. His fourth and last wife, Patricia Dey, was a former editor of Vogue. They married in 1996 and stayed together until his death.
Arthur Altschul’s children followed different paths in life. Stephen Altschul became a mathematician and researcher. Charles Altschul became a lawyer. Arthur Altschul Jr. became a money manager and biotechnology entrepreneur. Emily Altschul married John Miller, a journalist and former host of 20/20. Serena Altschul became a broadcast journalist for MTV, CNN and CBS.
A Legacy of Wealth and Wisdom
Arthur Altschul left behind a fortune estimated at $1.2 billion, according to Forbes. He also left behind a legacy of wisdom and advice for his family and friends. In a letter he wrote to his children in 1997, he shared some of his insights on life, such as:
“Be honest, fair and generous in all your dealings.”
“Be curious, open-minded and willing to learn new things.”
“Be humble, respectful and courteous to everyone.”
“Be compassionate, empathetic and helpful to those in need.”
“Be optimistic, cheerful and grateful for what you have.”
“Be independent, self-reliant and responsible for your actions.”
“Be creative, adventurous and willing to take risks.”
“Be passionate, enthusiastic and committed to what you do.”
“Be loyal, faithful and loving to your family and friends.”
Arthur Altschul was a man who lived a remarkable life of success and service. He was a banker, a philanthropist, a collector, a patron, a father, a husband and a friend. He was a man who made a difference in the world, and left a lasting impression on those who knew him.
