 The asking price for this building was $48 million but with the economic support of Margaret Rockefeller Strong and that of the McMicking Foundation, the Institute was able to make this building its headquarters.On October 26, 1978, The Institute's Gold Medal Dinner was established in order to recognize individuals who have contributed to the international appreciation of Spain and Ibero-America through their achievements in such varied disciplines as international relations, science, business, the arts, literature, and philanthropy.The first honorees of 1978 were Henry Ford II and Andrés Segovia (in absentia).