Wednesday, November 25, 2009
Art Jeff Koons Train Sculpture to Crash Ailing L.A. Museum
Posted by Benjamin Sutton on Wed, Nov 25, 2009 at 9:42 AM
That might have something to do with the fact that the museum's financial situation, which it announced last week, isn't what it was in 2007 (surprise!). The value of LACMA's investments are down 23 percent, and donations fell from $129 million to $29 million in the last year. And in light of the museum's $74.1 million annual operating budget, spending $25 million on a big shiny toy train seems, well, crazy. And in case LACMA's money problems seem like a distant problem, New York's biggest museum is in the red too: the Met recently released its annual report for 2009, and the museum is operating with an $8.4 million budget deficit. If any wealthy oligarchs looking for tax breaks are reading this, donate now! (The rest of you, visit a museum.)
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