Explain the connection between wealth and art

There are times when a rich businessman needs to left his passion for art due to his/her corporate and social responsibility but one's they are done with the business part, they usually started doing art work. Therefore many rich and wealthy companies have created their own art collections and art galleries and the museums are also eager to have those art in their collection. The trend of corporate companies buying artworks is quite old. Also, in 1939, IBM president "Thomas Watson" gathered artist to decorate the IBM pavilion at New york's World art fair.