The Collection was sold to amateur violinists, brothers Brook and Seth Taube and a group of investors, in a transaction negotiated by NJSO leadership along with outside counsel. In addition to retaining the right to play the instruments for the next five years, the agreement provides an upfront payment of $20 million along with the right for NJSO to receive a share in the net proceeds when the instruments are sold following the initial fiveyear period. Music Director Neeme Järvi, who recently extended his contract through 2009, was especially pleased that most of the instruments will remain in the hands of NJSO musicians. “This is very good news for the Orchestra and the musicians,” stated Järvi.

“We are pleased with this arrangement, which was arrived at after we thoroughly explored all our alternatives in an attempt to find a transaction that would have the greatest benefit for our orchestra,” stated André Gremillet, President & CEO of the New Jersey Symphony Orchestra. “For the first time in more than a decade,” Gremillet added, “the NJSO will be free of debt, allowing us to concentrate on building a financially healthy and stable organization focused on artistic growth, and providing educational programs to the people of New Jersey.”

The Golden Age Collection was purchased by the New Jersey Symphony Orchestra in 2003 from Herbert Axelrod for $18 million. Dr. Axelrod, one of the world’s great music philanthropists and a major NJSO supporter, immediately forgave $1 million of the purchase price and additionally, in an effort to assist the NJSO in fundraising for the collection, issued a $1 million challenge grant, which was met and exceeded. Dr. Axelrod subsequently donated an additional $1.1 million, bringing the NJSO’s acquisition cost for the Golden Age Collection to $15.9 million.

Along with many symphony orchestras, the New Jersey Symphony Orchestra has been challenged in recent years by swings in the economy, and an extremely competitive fundraising environment. The funds realized from the sale will eliminate the NJSO’s accumulated debt, lower its annual costs and position the organization for longterm strength.

With a background in, and knowledge of, the arts, Brook Taube recognized the value of this collection of instruments. “The Golden Age Collection represents a unique opportunity to acquire one of the largest collections of rare instruments in the world,” stated Taube. “We look forward to attending New Jersey Symphony Orchestra concerts and hearing these remarkable instruments played in the hands of topnotch musicians.” -- www.njsymphony.org