LA///NEWS///BILLIONAIRE PLEDGES TO SAVE MoCA

November 24, 2008  |  art, Art & Commerce, LA, News

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Crowds queued up in record numbers to see Murakami at MoCA last year, but not to donate funds...
As we reported last week, Los Angeles institution MoCA (The Museum of Contemporary Art) is poised to become one of the city's first cultural casualties as a result of the crippling economic crisis now upon us. That is, until  this weekend when THE NY TIMES reported that ELI BROAD, the billionaire philanthropist who is one of this city’s biggest arts patrons, has offered $30 million to help rescue the financially beleaguered Museum of Contemporary Art if the museum’s trustees and other patrons 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. In the article, Mr. Broad said that his Broad Art Foundation would invest $30 million “with the expectation that the museum’s board and others join in this effort to solve the institution’s financial problems.” Read more HERE.

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