How much was Charles Lewis Tiffany worth?
|Net Worth:||$35 Million|
|Date of Birth:||February 15, 1812|
|Country:||United States of America|
Who Is Charles Lewis Tiffany
Charles Lewis Tiffany was born on February 15, 1812, in Killingly, Connecticut. He died on February 18, 1902, in New York, New York.
In 1837, Tiffany and friend John Young opened a stationery store in New York City, and before too long they added jewelry and silverware to their inventory. The firm began to manufacture its own jewelry in 1848 and shortly afterwards opened a store in Paris.
Tiffany was responsible for introducing the term sterling to the United States when he adopted English silver standards in 1851. In 1853 he gained complete control of the firm and from that time forward it has been known as Tiffany & Co.
Important Events in Tiffany’s Life
In 1886 Tiffany & Co. introduced what’s known as the “Tiffany Setting,” a 6-prong diamond solitaire setting that allows the diamond to receive maximum light — and produce maximum brilliance.
In 1887 Tiffany & Co. acquired some of the French crown jewels, an important acquisition that helped establish its reputation for selling quality and one of a kind jewelry.
Tiffany also created the first retail catalog used in the United States.
Tiffany Investment Embarrassment
In the late 1800s, Tiffany was drawn into a scam orchestrated by a con man named Philip Arnold, and Arnold’s cousin, John Slack. Tiffany overestimated the value of gems that Arnold fraudulently claimed were from a new mine in
Wyoming, and bought the mine. Many wealthy friends of Tiffany’s invested in the scheme, which netted Arnold a great deal of money before geologists determined that the cousins had scattered the area with cast-off diamonds purchased in Europe. Arnold later became a successful banker. He was sued by investors and settled out of court. Slack became an undertaker and owned a casket making company in St. Louis.
Tiffany Family and the Decorative Arts
Son Louis Comfort Tiffany was a well known and talented jewelry designer, but is probably best remembered for his work with decorative glass, so well known that it is not uncommon for people to refer to all stained glass lamps as “Tiffany” lamps.