David Thomson: The Art of Wealth—Inside the Life of Canada’s Richest Baron
David Kenneth Roy Thomson, the 3rd Baron Thomson of Fleet, was born on June 12, 1957, and is known as both a Canadian and British hereditary peer as well as a prominent media magnate. Following his father’s passing in 2006, he ascended to the chairmanship of the Thomson Corporation and inherited his father’s British noble title, Baron Thomson of Fleet. In 2008, when Reuters was acquired, he became the chairman of the newly formed entity known as Thomson Reuters.
As of June 2024, Thomson holds the distinction of being the wealthiest individual in Canada and ranks 22nd globally, boasting an estimated net worth of $61.3 billion USD.
Early Life and Education
Thomson’s early life began in Toronto, Ontario, where he was born into a prominent family as the eldest son of the 2nd Baron Thomson of Fleet and his wife, Marilyn Lavis. He has one sister, Taylor Thomson, and a brother, Peter, who is known for his career as a race car driver.
He received his Bachelor of Arts degree, later upgraded to an MA (Cantab), from Selwyn College, Cambridge, in 1978, majoring in History. Prior to that, his formative years included attendance at Upper Canada College and the Hall School.
Business careers
Thomson embarked on his professional journey as a junior associate at McLeod Young Weir in Toronto. He subsequently left the company to join the family business, assuming various roles within companies that the Thomson family controlled. His early responsibilities included managing The Bay store located at Cloverdale Mall in Etobicoke and serving as president of Zellers.
Seeking to carve out his independence, Thomson established the real estate firm Osmington Incorporated, which operates independently from the Thomson empire. Osmington focuses on acquiring and managing commercial real estate assets on behalf of institutional investors, including the Thomson family. In 2010, Osmington sold its interests in eight retail properties to the Canada Pension Plan for $336 million. The company is a significant investor in FarmersEdge, which specializes in precision agriculture, and also holds a partnership stake in True North Sports and Entertainment, the parent company of the National Hockey League’s Winnipeg Jets, as well as the Canada Life Center in Winnipeg, Manitoba . Osmington is involved in the redevelopment of the retail spaces at Toronto’s Union Station. In 2023, the company announced plans to introduce the fast-food chain Shake Shack to Canada, with a goal of opening 35 outlets. Thomson manages his investment endeavors through Morgan Bay Capital, a hedge fund based in Toronto.
A strategic plan initiated by his grandfather, Roy Thomson, stated that control of the family fortune would transition to David after Kenneth Thomson’s death in June 2006. Roy Thomson expressed his belief that David and his future heirs would have significant responsibilities related to the family legacy .
After Thomson Reuters divested a controlling interest in its financial division in 2018, Thomson publicly voiced his discontent with the family business. He is currently in discussions with family members regarding a potential departure from Thomson Reuters to dedicate more time to his art and real estate projects.
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Art Collection
Thomson is renowned for his extensive art collection, which includes pieces by renowned artists such as Rembrandt, JMW Turner, Paul Klee, Hammershoi, Edvard Munch, Patrick Heron, Joseph Beuys, EL Kirchner, and Egon Schiele. He boasts the world’s largest collection of works by the English painter John Constable. In an interview with Geraldine Norman published in The Independent in 1994, he recounted acquiring his first Constable drawing at the age of 19, in exchange for an oil painting and a substantial sum of money. Described by Norman as a “fanatical collector,” Thomson detailed his lifelong admiration for Constable’s artistry, which began in childhood.
During his twenties, he made headlines in the art world with two landmark acquisitions. In 1984, he purchased JMW Turner’s magnificent painting “Seascape: Folkestone” for a record £7.3 million (equivalent to £21.8 million in 2017) from the estate of British art historian Kenneth Clark. The following year, at just 27 years old, he set another record by acquiring Rembrandt’s “Christ Presented to the People,” painted in 1655, for £561,000 (approximately £1.7 million in 2017) at a Christie’s auction, a notable event featuring the sale of the Chatsworth Collection.
In 2002, Thomson and his father set a world record by purchasing Rubens’ “Massacre of the Innocents” for $76.7 million, which now serves as the centerpiece of the Thomson Collection at the Art Gallery of Ontario. He continued to break records in 2012 by acquiring a painting by Danish artist Vilhelm Hammershøi, “Ida Reading a Letter,” for the highest price ever paid for a work by a Danish artist. The same year, he purchased a small landscape by John Robert Cozens for £2.4 million, setting a record for 18th-century British watercolors.
Thomson has made substantial contributions towards the renovation of the Art Gallery of Ontario, donating over $276 million, alongside establishing a permanent endowment with an additional $20 million.
Thomson also actively acquires Canadian art. In 2007, he paid $1.8 million for a face mask, marking the highest price ever for a single piece of Native North American art. In November 2016, he purchased “Mountain Forms,” a painting by Group of Seven artist Lawren Harris, at auction for a record C$11.2 million.
His art collection endeavors are organized through Thomson Works of Art, his personal art management firm. Additionally, he funds the Archive of Modern Conflict, which is based in London and specializes in acquiring photography collections globally, along with operating a publishing division, AMC Books, that features a Canadian imprint called Bone Idle Books located in Toronto.
Personal life
As the 3rd Baron Thomson of Fleet, he is the father of seven children from four different relationships. His first marriage to Mary Lou La Prairie produced two daughters: Thyra Nicole and Tessa Lys. His second wife, Laurie Ludwick, is the mother of his son Benjamin, born after their marriage ended. With actress Kelly Rowan, he fathered a daughter, Braelyn, who was born after their relationship concluded. Currently, he is partnered with Severine Nackers, a former Sotheby’s employee, and together they have three daughters: Ottilie, born in 2015; Elodie, born in 2018; and Idalie, born in 2021. Thomson resides in Toronto with his three youngest children and their mother.
Thomson experienced a five-year estrangement from his eldest daughter, Thyra, which culminated in her suing him over alleged mismanagement of the family trusts. This legal dispute was resolved out of court in 2017. His daughters reside in various locations, with one living in Victoria, British Columbia, and two in the United Kingdom. To accommodate his extensive art collection, Thomson has expanded his residence in Toronto’s Rosedale neighborhood, which previously belonged to architect Raymond Moriyama.
As a patron of the Art Gallery of Ontario, Thomson inherited the title of the 3rd Baron Thomson of Fleet on his 49th birthday, June 12, 2006. In Canada, he does not publicly utilize this title. Known for his passion for art, he possesses the most significant collection of John Constable works in the world.
Thomson has maintained a low profile and seldom grants interviews to the media. His only significant interview occurred with James FitzGerald, who authored a book about Upper Canada College, the elite private school they both attended in Toronto. In a July 3, 2006, article in The New York Times, it was noted that during his conversation with FitzGerald, Thomson expressed little admiration for many individuals in the business realm. He remarked, “When you attempt to live a more balanced life, conventional businessmen perceive you as not being a true man. But who is the authentic man? Are you telling me? You’ve never spent a weekend with your spouse, you lack any spare time for constructive pursuits, you don’t have hobbies, and you can’t recognize Mozart. And you dare to label me as weak?”
Thomson resides in a ravine estate in Rosedale, Toronto, which includes an underground art gallery to showcase his extensive collection.
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