This recent article from the Boston Globe explores the success of the Peabody Essex Museum in Salem, MA. Starting with a $125 million renovation the Museum has seen growth in attendance and nearly doubled its endowment from $74 million to $140 million. The article explores the need for large and increasing endowments, but also stresses that a "museum with a healthy endowment can avoid relying on ticket-driven blockbuster shows and instead focus on what's best artistically for the institution." This is considered more of a slow growth policy by building a strong endowment as a financial foundation for a museum. It seems to have worked in the case of the Peabody Essex Museum. To read the full article, click HERE.
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8/18/2008
Peabody Essex Museum - A Success Story
This recent article from the Boston Globe explores the success of the Peabody Essex Museum in Salem, MA. Starting with a $125 million renovation the Museum has seen growth in attendance and nearly doubled its endowment from $74 million to $140 million. The article explores the need for large and increasing endowments, but also stresses that a "museum with a healthy endowment can avoid relying on ticket-driven blockbuster shows and instead focus on what's best artistically for the institution." This is considered more of a slow growth policy by building a strong endowment as a financial foundation for a museum. It seems to have worked in the case of the Peabody Essex Museum. To read the full article, click HERE.
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