Eli Broad Offers Bailout for MoCA
While the economic turmoil in the U.S. have taken a major hit on the automotive and retail industry, it seems that the art world has inevitably been affected too, as news last week reported the financial crisis of Los Angeles’ Museum of Contemporary Art (MoCA) as they progress into the year 2009, having spent $20 million in unrestricted funds and borrowed $7.5 million from other accounts just to stay afloat. Museum Director Jeremy Strick stated that MoCA is seeking large cash infusions from donors, and is contemplating the possibility of merging with another institution or sharing its collection of almost 6,000 artworks. Well, luckily for MoCA, Eli Broad, the billionaire philanthropist who is also one of this city’s biggest arts patrons, has offered $30 million to help rescue the financially beleaguered Museum of Contemporary Art on the condition that the museum’s trustees and other patrons will also step up their donations.
”The offer, made in an op-ed article published Saturday in The Los Angeles Times, is the first concrete proposal to be made public since the museum disclosed this week that it was facing a financial crisis. The museum’s endowment has fallen as much as 75 percent from its high several years ago, to less than $10 million, as the museum has repeatedly dipped into its permanent funds to pay for operations, said people who had been briefed on the museum’s finances but who spoke on the condition of anonymity because they were not authorized to speak about the situation.” – New York Times.
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