The American Folk Art Museum shares the unfortunate news that business executive, philanthropist, and longtime Museum patron and art collector Richard Parsons sadly passed away on December 26, 2024, following a long battle with multiple myeloma, a rare type of blood cancer he fought heroically since his diagnosis in 2015. 

Richard, along with his wife Laura, a Museum Trustee since 1999 who served as President of the Board from 2004 – 2010 and Chair of the Board from 2011 – 2019, has been among the Museum’s most generous benefactors, who helped shape the trajectory of AFAM for decades. 

Richard and Laura built a remarkable art collection over many years, guided by their passion for discovering and advocating for self-taught artists. Beginning in the 1990s, their support of AFAM has included significant donations, including a gift of 40 works in honor of the Museum’s 60th anniversary in 2021, which deepened AFAM’s commitment to presenting a more inclusive and nuanced story of folk and self-taught. The gift was highlighted by Horace Pippin’s The Wash (1942), the second painting by the artist to enter the Museum’s collection, in addition to important works by Amos Ferguson, Ulysses Davis, Elijah Pierce, Mary Frances Whitfield, Clementine Hunter, Hugh Mulzac, Sister Gertrude Morgan, Jimmy Lee Sudduth, Bill Traylor, Joe Light, Felipe Benito Archuleta, and others.

The Parsons’ also provided critical financial support to extend AFAM’s Museum Career Internship Program with LaGuardia Community College. This program, which recently celebrated its 10th anniversary, is a national model for paid museum internships and provides students with hands-on experience learning about all aspects of museum administration. Students who completed the program have gone on to work in museums and galleries, enroll in graduate programs in art history, and much more. The program is a cornerstone of the Museum’s education initiatives, and the Parsons’ contributions have ensured its continued success. 

A renowned business leader and executive whose long career included positions as CEO of Time Warner, Chairman of Citigroup, interim CEO of the NBA’s Los Angeles Clippers, and interim Chairman of the Board for CBS, Parsons also held board seats within numerous influential corporations, including Estée Lauder and The Madison Square Garden Company, among others. He also served as a trusted advisor to government officials, including as counsel to New York Governor Nelson Rockefeller and Rockefeller’s term as Vice President under President Gerald Ford. Most recently, Parsons was an economic advisor to President Barack Obama in 2008. In 2021, he founded the Equity Alliance fund to “democratize capital” by backing venture funds and early-stage ventures led by women and people of color.

In addition to the American Folk Art Museum, Parsons was a generous philanthropist whose support of cultural, education, and community-based organizations extended to the Apollo Theatre Foundation, Howard University, the Museum of Modern Art, the American Museum of Natural History, and government organizations such as the Mayor’s Commission on Economic Opportunity and the Partnership for New York City. 

Jason T. Busch, Becky and Bob Alexander Director & CEO of AFAM, reflected on Richard’s passing: “Richard was a model philanthropist and devoted patron of the Museum and many other nonprofit organizations. AFAM has been fortunate enough to have Richard and Laura as major benefactors for decades, whose generous financial support and gifts of art greatly contributed to the strength and future of AFAM. On behalf of the entire AFAM community, we send our deepest condolences to Laura, Richard and Laura’s three children, and the entire Parsons family during this time of grief. AFAM is indebted to Richard and Laura for their years of camaraderie and friendship.”

Elizabeth V. Warren, President of the Board of Trustees at the American Folk Art Museum, commented: “As a business leader, Richard’s sure-handed approach and wise counsel to the Museum over many years helped us successfully navigate decades of change and growth. But, more than anything else, I will always remember him for his unfailing kindness and generosity.”