the art collectors

Thursday, December 25th, 2008

MOCA Accepts Broad’s $30 Million Bailout

MOCA’s new CEO Charles Young listens to Eli Broad at a press conference held
Wednesday, Dec. 23. – Image: Gary Friedman / LA Times

After weeks of speculation, Los Angeles’ MOCA has accepted billionaire collector and founding museum trustee, Eli Broad’s offer of $30 million to help resuscitate the desperate institution, whose finances have been reeling closer and closer towards demise.

The move comes less than a week after the Los Angeles County Museum of Art announced its offer to partner with the struggling museum – a manoeuvre criticized by some as more of a bid for takeover than philanthropy.  That agreement would have dissolved MOCA’s independent board and put LACMA director at the helm of a single entity.  Broad’s proposal however, allows MOCA to continue functioning as an independent museum.  “We’re a donor — we’re not on the board, we’re not running MOCA in any way, shape or form,” said Broad in an interview with the LA Times earlier this week.

The terms of the agreement state The Eli and Edythe Broad Foundation will provide an initial cash injection of $15 million for exhibition support ($3 million over the next 5 years), and match up to an additional $15 in donations raised by the museum.  “It’s very simple,” said Broad, “they raise a dollar, the foundation puts in a dollar.”  In addition, the plan stipulates MOCA may not sell off any works of art and must keep its collection intact.  While not mandated as part of the Broad agreement, museum director, Jeremy Strick has resigned and will be replaced by UCLA Chairman, Charles E. Young, who will take on the role as the museums first chief executive.

It will be interesting to see if Broad’s bailout puts strains on his already intimate relationship with LACMA. Just last year, LACMA opened the doors to its new Broad Contemporary Art Museum, funded entirely by the mogul’s foundation. However, Broad’s aid to MOCA clearly put the museum in a position to reject LACMA’s attempted merger, thwarting any possibility of taking control of MOCA’s collection.

Read More:
Bloomberg – “MOCA Accepts Broad’s Grant, Hires Chief”
LA Times – “MOCA Accepts Broad Lifeline, Appoints CEO”
Art Info – MOCA Accepts Broad Offer, Appoints CEO