Displaying items by tag: finance

The Metropolitan Museum of Art is preparing to launch “the most high-profile cultural building project in New York over the next ten years,” Thomas Campbell, the museum’s director, recently told "Vanity Fair." Now, the institution is putting its money where its mouth is. The Met is planning a $250 million bond offering on January 26 to finance capital infrastructure improvements over the next decade, according to Moody’s Investors Service.

The Met’s $250 million increase in debt coincides with an ambitious plan to overhaul its Modern and contemporary galleries. Although the museum has not tapped an architect or revealed a budget for the project, Campbell hopes to finish the gut renovation in time for the Met’s 150th anniversary in 2020.

The Louvre kicked off its latest crowd-funding campaign on Tuesday with an appeal for a million euros to help fund the €12.5 million purchase of a jeweled piece of 18th-century furniture, known as the “Table of Peace,” which belonged to a French diplomat who negotiated the end of a Bavarian war.

After two years of budget cuts in state aid for cultural institutions, the Louvre is the second major French museum to turn to Internet fund-raising this month to pay for projects and acquisitions. For the first time, the Musée d’Orsay last week called for €30,000, or about $37,600, in contributions to help finance the €600,000 restoration of Gustave Courbet’s enormous painting of his studio, “L’Atelier du peintre.” By Tuesday, it had collected more than €20,000.

Christie’s announced this week that it has named Doug Woodham the president of Christie’s Americas. Woodham has spent the last 20 years working in finance, technology, and business, holding jobs at UBS Wealth Management and Moody’s KMV, an analytics company that helps capital markets and credit risk management professionals worldwide.

Christie’s former president, Marc Porter, is now the international head of private sales and will continue to serve as the chairman of Christie’s Americas. Woodham, who will report directly to Christie’s CEO Steven Murphy, will be responsible for the overall management of the company in the Americas.

Woodham’s art world experience includes a two-year stint as the co-chair of the American Fellows patron program at the Whitney Museum of American Art. He played a pivotal role in developing a financial plan for funding the Whitney’s new building; a Renzo Piano designed the $750 million structure that will open in New York’s meatpacking district in 2015.

Andy Warhol once said, “Good business is the best art.”  And while he wasn’t referring to art museums per se, he might as well have been. These days, museums across the country are fighting to stay in the black—and now some of them are asking folks to pay more in property taxes to make up the shortfall.

Last Tuesday, voters in three Michigan suburbs agreed to a raise their property taxes to save the Detroit Institute of Arts (DIA), which has struggled mightily with its finances for the past decade. Unlike most major metropolitan museums, the DIA operates without a significant endowment and receives no financial support from the city of Detroit or the state of Michigan.

Voters approved what’s known as a millage tax, a fee assessed on the value of your home. The more your property is worth, the higher your tax. In this case, the DIA levy costs approximately $15 for every $150,000 of a home’s fair market value, and will raise around $23 million a year from Oakland, Macomb, and Wayne counties (the last of which includes Detroit).