The Award honors Eugene McDermott (1899-1973), cofounder of Texas Instruments and long-time friend and benefactor of MIT. The Eugene McDermott Award in the Arts at MIT was created by the Council for the Arts at MIT in 1974 and further endowed by Eugene’s wife, Margaret McDermott.
A geophysicist, Eugene McDermott was a member of the MIT Corporation from 1960 to 1973. The scholarship funds he established at MIT reflect his commitment to education and the public art he donated a conviction, shared with his wife Margaret, that the physical environment of a campus has great influence upon the character of an institution. They commissioned Eugene’s Stevens Tech classmate Alexander Calder to create The Great Sail, which was dedicated in 1966 on McDermott Court, facing the Green building. In 1976, the McDermott family and other friends of MIT made a gift of Three Piece Reclining Figure, Draped, by Henry Moore, which graces Killian Court.