When Guggenheim realized that her gallery, although well received, had suffered a loss of £600 in the first year, she decided to spend her money in a more practical way. A museum for contemporary arts was exactly the institution she could envision supporting. Most certainly influencing her were the adventures in
Manhattan of her uncle,
Solomon R. Guggenheim, who, with the help and encouragement of artist Baroness
Hilla von Rebay, had created the Solomon R. Guggenheim Foundation two years earlier. The main aim of that foundation had been to collect and to further the production of
abstract art, resulting in the opening of the Museum of Non-Objective Painting (known after 1952 as the
Solomon R. Guggenheim Museum) during 1939. Guggenheim closed
Guggenheim Jeune with a farewell party on 22 June 1939, at which colour portrait photographs by
Gisèle Freund were projected onto the walls. Together with the English
art historian and
art critic Herbert Read, she started making plans for a Museum of Modern Art in London. She set aside $40,000 for its operating expenses, however, these funds were soon overstretched by the ambitions of the organizers. In August 1939, Guggenheim left for Paris to negotiate loans of artworks for the first exhibition. In her luggage was a list drawn up by
Herbert Read for this occasion. Shortly after her departure the Second World War broke out, and the events following 1 September 1939 made her abandon the scheme, willingly or not. She then "decided now to buy paintings by all the painters who were on Herbert Read's list. Having plenty of time and all the museum's funds at my disposal, I put myself on a regime to buy one picture a day." When finished, she had acquired ten
Picassos, forty
Ernsts, eight
Mirós, four
Magrittes, four
Ferrens, three
Man Rays, three
Dalís, one
Klee, one
Wolfgang Paalen, and one
Chagall, among others. In the meantime, she had made new plans and, in April 1940, had rented a large space in the Place Vendôme as a new home for her museum. Guggenheim had to abandon her plans for a Paris museum a few days before the Germans reached Paris and she fled to the south of France, from where, after months of safeguarding her collection and artist friends, she left Europe for Manhattan in the summer of 1941. There, in the following year, she opened a new gallery—which was partially a museum—at 30 West
57th Street. It was entitled
The Art of This Century. Three of its four galleries were dedicated to
Cubist and
Abstract art,
Surrealism, and
Kinetic art, with only the fourth, the front room, being a commercial gallery. Guggenheim held other important shows — such as the
Exhibition by 31 Women, the first documented all-women art exhibition in the United States of America — at the gallery. This 1943 month-long exhibition gathered together artists ranging from notable figures such as
Frida Kahlo,
Gypsy Rose Lee,
Meret Oppenheim,
Leonora Carrington, and
Louise Nevelson, to others who were unknown artists in New York. In 2023, art collector Jenna Segal curated The 31 Women Collection, based on the 1943 exhibition. Taking place at Segal's office, the same location as Peggy Guggenheim's Art of This Century Gallery, the exhibition lasted for 31 hours spread out during May 15 to May 21. Aiming to "sharpie women into history", Segal set out to collect works by every artist shown in the original exhibition so that their art could be shared with the world. As of May 2023, 143 works by 30 of the 31 women have been acquired. At the 2023 exhibition, one work per artist was displayed to the public. Guggenheim's interest in contemporary art was instrumental in advancing the careers of several important modern artists, including the American painters
Jackson Pollock and
William Congdon, the Austrian surrealist
Wolfgang Paalen, the sound poet
Ada Verdun Howell, and the German painter
Max Ernst, whom she married in December 1941. She had assembled her collection in only seven years. == Collection, after World War II ==