Marguerite "Peggy" Guggenheim (August 26, 1898 - December 23, 1979) was an American art collector, bohemian and socialite. Born to the wealthy New York City Guggenheim family, she was the daughter of Benjamin Guggenheim, who went down with the Titanic in 1912, and the niece of Solomon R. Guggenheim, who would establish the Solomon R. Guggenheim Foundation. Peggy Guggenheim created a noted art collection in Europe and America primarily between 1938 and 1946. She exhibited this collection as she built it and in 1949, settled in Venice, where she lived and exhibited her collection for the rest of her life.

When Peggy Guggenheim realized that her gallery, although well received, had made a loss of PS600 in the first year, she decided to spend her money in a more practical way. A museum for contemporary arts was exactly the institution she could see herself supporting. Most certainly on her mind also were the adventures in New York City of her uncle, Solomon R. Guggenheim, who, with the help and encouragement of Hilla Rebay, had created the Solomon R. Guggenheim Foundation two years earlier. The main aim of this foundation had been to collect and to further the production of abstract art, resulting in the opening of the Museum of Non-objective Painting (from 1952: The Solomon R. Guggenheim Museum) earlier in 1939 on East 54th Street in Manhattan. Peggy Guggenheim closed Guggenheim Jeune with a farewell party on 22 June 1939, at which colour portrait photographs by Gisele Freund were projected on the walls. She started making plans for a Museum of Modern Art in London together with the English art historian and art critic Herbert Read. She set aside $40,000 for the museum's running costs. However, these funds were soon overstretched with the organisers' ambitions. In August 1939, Peggy Guggenheim left for Paris to negotiate loans of artworks for the first exhibition. In her luggage was a list drawn up by Herbert Read for this occasion. Shortly after her departure the Second World War broke out, and the events following 1 September 1939 made her abandon the scheme, willingly or not. She then "decided now to buy paintings by all the painters who were on Herbert Read's list. Having plenty of time and all the museum's funds at my disposal, I put myself on a regime to buy one picture a day." When finished, she had acquired ten Picassos, forty Ernsts, eight Miros, four Magrittes, three Man Rays, three Dalis, one Klee, one Wolfgang Paalen and one Chagall among others. In the meantime, she had also made new plans and in April 1940 had rented a large space in the Place Vendome as a new home for her museum. A few days before the Germans reached Paris, Peggy Guggenheim had to abandon her plans for a Paris museum, and fled to the south of France, from where, after months of safeguarding her collection and artist friends, she left Europe for New York in the summer of 1941. There, in the following year, she opened a new gallery which actually was in part a museum at 30 West 57th Street. It was called The Art of This Century Gallery. Three of the four galleries were dedicated to Cubist and Abstract art, Surrealism and Kinetic art, with only the fourth, the front room, being a commercial gallery. Peggy Guggenheim held important shows, such as the show for 31 Women artists, at the gallery as well. Her interest in new art was instrumental in advancing the careers of several important modern artists including the American painters Jackson Pollock and William Congdon, the Austrian surrealist Wolfgang Paalen, the sound poet Ada Verdun Howell and the German painter Max Ernst, whom she married in December 1941. She had assembled her collection in only seven years.

Answer the following question by taking a quote from the article: Was there anything of note that came from the foundation?
The main aim of this foundation had been to collect and to further the production of abstract art, resulting in the opening of the Museum of Non-objective Painting