Despite all the financial woes in the art world — museums stripping back programing, galleries closing, starving artists starving a little extra — the upper echelons of the art industry resemble those of the financial world in at least one respect: the people at the top make astronomical amounts of money. In a Bloomberg survey of the top earners at major American museums, MoMA president Glenn D. Lowry (pictured) came out on top, with a 2008 salary of $1.32 million, which, if you add all kinds of compensations like his free Midtown condo in the adjacent Museum Tower, is more like $2.7 million.
Lowry took a pay cut from the preceding year, when he earned $1.95 million. Meanwhile, MoMA has stopped hiring new employees, froze salaries for those earning less than $150,000 per year, and imposed 2-10% reductions on those earning more. Other art institution earners in 2008 included James Wood ($1.1 million) president and CEO of Los Angeles’s Getty Center and the Met’s outgoing director Philippe de Montebello ($818,935). Sounds like it’s time for some radical wealth redistribution in the art world.
(via Culture Monster)