1/2/2023 0 Comments Lacma or moca museum![]() It had been speculated that Broad would leave his collection to LACMA, but in January he announced he would keep it. In February, LACMA opened a $56 million building for contemporary art paid for by Broad, showcasing his personal collection and that of his foundation. In an editorial in the Los Angeles Times, Broad emphasized his gift would come “with the expectation that the museum’s board and others join in this effort to solve the institutions financial problems.”īoard members reportedly are cautious of accepting a deal with Broad if it required they hand over control of the collection in the event they fail to raise adequate matching donations. His plan would provide $15 million immediately to the endowment and another $15 million over five years to cover operations and exhibitions. Late last month, billionaire philanthropist Eli Broad proposed a $30 million rescue effort for MOCA, by way of his foundation. Our proposal is structured to achieve these goals.” ![]() Michael Govan, director and CEO of LACMA, said in a statement: “The exhibition of its extraordinary permanent collection, the continuation of its renowned exhibition program and its commitment to living artists are of paramount importance for the cultural life of Los Angeles. On Tuesday, the Los Angeles County Museum of Art, a larger institution on the other side of the city with a much healthier endowment, proposed a merger to stop MOCA’s immediate short fall, while preserving the independence of both museums. The museum has refused to release current financial figures, but it has been reported that the endowment that once sat near $40 million in 2000 is now as low as $7 million. ![]() Since 2000, the museum has overspent by $1 million a year on average and has been forced to dip into its endowment to cover operating costs. The financial troubles for LA MOCA were brewing well before the recent global economic downturn. ![]() The museum’s board of trustees will meet Thursday and is expected to decide among two competing rescue offers. The Los Angeles Museum of Contemporary Art ( MOCA) is struggling to keep its doors open and hold onto one of the world’s best collections of post-World War II art. ![]()
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