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Displaying items by tag: operating profits

The Los Angeles County Museum of Art (LACMA) has offered to acquire L.A.’s struggling Museum of Contemporary Art (MOCA). MOCA has been at the center of a number of controversies after the museum’s chief curator, Paul Schimmel, left the institution in June 2012 after 22 years on the job. Critics have bashed the museum for becoming too celebrity focused and all of the artists who once served on the museum’s board including John Baldessari (b. 1931), Barbara Kruger (b. 1945), and Ed Ruscha (b. 1937), have resigned after disagreeing with the institution’s new direction.

LACMA Director, Michael Govan, offered to raise $100 million for MOCA’s two locations in exchange for the acquisition. LACMA made a similar offer to MOCA, which is currently helmed by former New York gallery owner Jeffrey Deitch, back in 2008. LACMA officials believe that the merger would strengthen both institutions and provide MOCA with stability and strong leadership.

MOCA’s contributions, grants, and operating profits have all declined in recent years.

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