ɪn nˈaɪntiːnhˈʌndɹɪd ˈeɪɾi sˈɛvən, dʒˈɑːn ˈiː. hˈɜːzɑːɡ, ðˈɛn sˌiːˌiːˈoʊ ʌv hˈɜːzɑːɡ hˈaɪn dʒˈɛdʌld, ˈɪŋk., ɪstˈæblɪʃt ðə mjuːzˈiəm ɪn ɹᵻspˈɑːns tə ðə stˈɑːk mˈɑːɹkɪt kɹˈæʃ ʌv ðæt jˈɪɹ.
In 1987, John E. Herzog, then CEO of Herzog Heine Geduld, Inc., established the Museum in response to the stock market crash of that year.