Billionaire philanthropist and art collector Thomas S. Kaplan is preparing to make history by taking his renowned Leiden Collection public through an initial public offering (IPO) that would allow ordinary investors to own shares in masterpieces by Rembrandt and other Dutch Golden Age masters. The Leiden Collection, which represents the world's largest private collection of Dutch Golden Age paintings, could become the first major art collection to be fractionalized and traded on public stock exchanges.
"I'm looking to see whether I can take the entire collection public," Kaplan told The Art Newspaper. "I think assets, such as really great art, are going to multiply manyfold because they are truly scarce, and there's so much money sloshing around that will need a home and this is a great value proposition. To my mind the best way to evangelise for Rembrandt is by giving millions, maybe tens of millions, of ordinary people the opportunity to own a Rembrandt."
The ambitious project, dubbed "Project Minerva" in honor of the goddess of wisdom and war, takes its name from Rembrandt's 1635 painting "Minerva in her Study," one of the crown jewels in Kaplan's 220-piece collection. The Leiden Collection itself is named after Rembrandt's hometown in the Netherlands and represents two decades of careful acquisition by Kaplan and his wife Daphne.
The impressive collection includes 17 works by Rembrandt, what is believed to be Johannes Vermeer's final painting, and significant works by other Dutch masters including Gerrit Dou, Jan Lievens, Jan Steen, and Frans van Mieris. The Kaplans initially preferred to lend their holdings anonymously to museums, but eventually decided to share these masterpieces with the world through a global touring exhibition that has visited prestigious institutions including the Louvre in Paris, the State Hermitage Museum in St. Petersburg, the Long Museum in Shanghai, the Louvre Abu Dhabi, and the HArt Museum in Amsterdam. The collection's next stop will be the Norton Museum in West Palm Beach, Florida, beginning October 25.
Kaplan's motivation for fractionalizing the collection stems from practical family considerations and a desire to secure the artworks' future accessibility. "I have three children, two are college age, but they have no interest in material objects," he explained. "And while they think what I and my wife have done with the collection is incredible, they have no idea what to do with it. They asked me to find a solution for the future."
The concept for Project Minerva emerged during the pandemic when Kaplan observed the rise of NFTs (non-fungible tokens) and their potential for fractional ownership of digital assets. Drawing on his background in investing in rare commodities like silver and gold, Kaplan believes scarcity drives value and sees Rembrandt and Vermeer as powerful brand names in the art world. "In every top ten list, you'll find Rembrandt and Vermeer and I own both franchises!" he noted, emphasizing that his collection includes 17 out of approximately 40 Rembrandts remaining in private hands.
In 2020, Kaplan took steps to trademark various names including "Rembit" and "Rembitcoin" (for Rembrandt bitcoin), which may become the tokens offered as part of the fractional ownership plan. He hopes to implement this innovative system during the first half of 2026, with shares potentially trading on major exchanges like the New York Stock Exchange. Importantly, the Kaplan family would retain controlling interest to ensure the collection continues operating as "the Old Masters only dedicated lending library."
As a self-described "Rembrandt evangelist," Kaplan views Project Minerva as both a solution for his collection's future and a way to expand the Dutch master's legacy to new audiences. "This could secure the next 400 years of Rembrandt, but also bring the Dutch Old Master to a far wider public," he said. "If we can allow people to take an ownership interest in Rembrandt, they will, by definition, take interest in Rembrandt, and that's how I guarantee that Rembrandt remains one of the most important artists of all time. And Project Minerva becomes, I think, the ultimate expression of my ability to give back."
