Marguerite Peggy Guggenheim was born in 1898 to a fabulously wealthy New Yorkais family and the niece of Salomon R. Guggenheim who the founder of the Guggenheim foundation.
Peggy lost her father Benjamin at a young age as he went down with the Titanic in 1912. In 1919 She inherited a small, in regards to the rest of the Guggenheims, fortune from her father and so in the start of her twenties she was off to Europe, finding Paris and the “lost generation” of ex-pats consisting of none others than Hemmingway and Fitzgerald. It was evident from the start, and Peggy was never shy about the fact, that her predominant interests were art and sex. She discovered the frescos of Pompeii, depicting people making love in strange positions, and was of course very eager to try them all out herself. It was this forwardness she displayed that caught the attention of her first husband author Laurence Vail. It was a turbulent marriage that resulted in two children and eventually a divorce. Peggy went on to marry one other time after that, but not before enjoying a sea of casual affairs in between. It was this kind of behaviour that earned her the name enfant terrible of the Guggenheim family and it did not exactly help that she went on publishing it all for the public in her tell-all autobiography Out of this century. What was unique about Peggy was that she did not belong just to one place, she moved around in the Avant-garde circles in different cities and even on different continents. This is what differentiated her and in a way portrays her as an indeed very modern woman.

In January 1938 Peggy opened her first gallery Guggenheim Jeune in London and drawing from French artist Jean Cocteau was the gallery’s first exhibition. She would go on exhibiting important artists from the surrealist and cubist movements of which she was especially found; amongst the artists were Wassily Kandinsky, Henry Moore and Max Ernst. This made her gallery one of the cornerstones in the modern art movement but unfortunately, it was not a financial success, so Peggy always bought at least one piece from each of the artists she exhibited, and thus starting her collection. She continued to collect art ferociously in the years up until the Second World War when she returned to New York accompanied by her lover and later second husband surrealist painter Max Ernst.