MEET THE LAUDERS: The Cosmetics Tycoons Who Just Gave Away A Billion Dollars In Art

This past Wednesday, philanthropist and cosmetics tycoon Leonard Lauder donated a cubist art collection worth $1 billion to the Metropolitan Museum of Art.

That may seem extravagant, but Lauder can afford it — Forbes estimates he's worth $8.1 billion, due mainly to the cosmetics empire founded by his mother, the late Estée Lauder.

Her shrewd sales tactics and corporate strategy have kept the Lauders on top for over seven decades. Estée Lauder pioneered giving out product samples to women, encouraged them to try her scents at the department store counters, and undercut her competitors with cheaper prices and better marketing.

Today, the Estée Lauder empire now owns 29 other big-name brands and reported sales of just over $9.7 billion to investors last year.

And how the Lauders spend all that money is almost as interesting as the rags-to-riches story of how the daughter of two Hungarian Jewish immigrants left behind a beauty dynasty.