Fosburgh and his wife, Mary ("Minnie") Cushing, were prominent art collectors in New York City.

[3][4][5] He graduated from Yale University in 1933, and afterwards completed a Master's thesis on the journals of Thomas Sully, receiving his M.A.

During World War II, Fosburgh enlisted as a glider pilot and served with the 101st Airborne Division.

Until that point, the expertise and interests of Fine Arts Committee members had been largely focused on antique furnishings, not pictures.

Together, Fosburgh and Mary Cushing developed a significant collection of art, primarily comprising American and European paintings from the 18th and 19th centuries.