Billionaire Wants to Bail Out Art Museum

Eli Broad, billionaire philanthropist in Los Angeles, offered $30 million to rescue the city's Museum of Contemporary Art (MOCA), but not without a few conditions.

According to N.Y. Times, Broad, a founding chairman of MOCA, stipulated the museum remain independent. This may prove problematic since the museum's board has discussed a possible merge with the Los Angeles County Museum of Art, as stated by L.A. Times.

"Being merged into another institution would destroy the fabric of a great museum and would sacrifice the independent curatorial vision that has created an extraordinary collection and many unparalleled exhibitions," he said.

In addition, Broad requires that if he offers $30 million, MOCA's trustees and other patrons must also contribute donations. For his final stipulation, Broad warned the museum against selling any of its collection (N.Y. Times).

The museum has had to rely on its permanent funds even before the financial crisis. Its endowment has decreased 75 percent, leaving itself with less than $10 million.

"Being able to operate on hope is critical to nonprofit institutions," Steven D. Lavine, President of California Institute of the Arts, said. "Great institutions are formed by visionaries who are driven by ambition and a will to achieve a goal. It isn't surprising that the vision sometimes gets out in front of finances" (L.A. Times).

According to Barbara Kruger, artist and MOCA trustee, the museum has impacted the global arts community by acting as a resource for top-flight Southern Calif. Arts schools, such as CalArts and UCLA.

Dennis Szakacs, Director of the Orange County Museum of Art, declares MOCA as "the premier contemporary art museum in not only the U.S., but the world," terming it "a cultural powerhouse." L.A. Times reported him saying, "[MOCA] has delivered for the city for decades. Now is the time for the city to deliver for it."