Tuesday, November 25th, 2008
Broad Injects Millions Into LA Art Institutions
Image: LA Times
This past week billionaire collector, Eli Broad, officially announced he will move ahead with plans to open a new contemporary art museum in Beverly Hills. The new 25,000 square foot institution will house the Broad Art Foundation and permanent collection, including seminal works by Jean Michel Basquiat, Jasper Johns, Andy Warhol, Roy Lichtenstein and Damien Hirst. The announcement comes less that a year after Broad gifted $56 million in funds to open the Los Angeles County Museum of Art’s Broad Contemporary Art Museum.
Broad’s philanthropic pursuits don’t stop here. This week he offered an additional $30 million to help keep Los Angeles MOCA afloat. As previously reported, the museum has burned up its funds and is is on the brink of financial disaster. In a Nov. 21 LA Times op-ed, Broad said, “I’d like to make a proposal to the MOCA board and to the civic angels of Los Angeles. I’ll step up if you do too. The Broad Art Foundation is prepared to make a significant investment in MOCA — $30 million…It is vital that the museum remain on Grand Avenue, keep its collection and continue its tradition of world-class exhibitions…This is not a one-philanthropist town…with a global recession that has hit every American’s pocketbook, charitable giving has declined…The philanthropic community must not turn its back on MOCA. We must make it one of our civic priorities.”
In total, Broad’s spending would represent a cash injection into Los Angeles’ art institutions in excess of $1 billion.
Sources: The New York Times / LA Times / Art Observed
2 Responses to “Broad Injects Millions Into LA Art Institutions”
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December 18th, 2008 at 12:44 pm
the art collectors » The Big Takeover said:
[…] Since LACMA’s announcement this past Tuesday, several voices have spoken out against the deal, or offered alternative plans. Grassroots organization MOCA Mobilization has delivered a petition of 3,200 signatures to MOCA’s board, stating “we support an independent and autonomous MOCA. We condemn any plan now or in the future to merge MOCA with any other institution.” Furthermore, in an effort to stall the merger, a motion was filed by the Los Angeles County City Council, petitioning the city’s Community Redevelopment Agency to give MOCA $2.8 million in rent money. In return, the museum would agree to accept $30 million in financial assistance offered by philanthropist Eli Broad. […]
December 25th, 2008 at 12:23 pm
the art collectors » MOCA Accepts Broad’s $30 Bailout said:
[…] Los Angeles’ MOCA has accepted billionaire collector and founding museum trustee, Eli Broad’s offer of $30 million to help resuscitate the desparate institution, whose finances have been reeling […]