More on Museums and the Economy

Earlier this month I posted on the ArtNewspaper review of what museums were doing during these difficult financial times (click HERE to read the post). Remember, many endowments have lost significant value due to declining stock portfolios and declines in other investment vehicles. Many museums run on patronage and/or government subsidies as well as endowments. While some museums are cutting back, a few were maintaining the status quo and few were more aggressive and planned on expansions and major exhibits. Interesting to note, the three levels of planning. I wonder how much has to do with proper museum management. On the most part, I would assume the museums with good directors and patrons continue to strive, while others with poor management and attention to detail suffer.

The ArtNewspaper now has an updated list with plans of additional museums. These include:

• the Austin Museum of Art shelved plans to build a new $23m branch in downtown Austin after Houston-based developer Hines Interests withdrew its plans to purchase land from the museum. It is hoped a new plan will be devised and the project will again commence later this year or in 2010
  
• the Denver Art Museum reduced its 2009 budget by $2.5m, or about 12% less than the $21.3m approved by the board in September 2008. The cuts have been made in anticipation of a decline in the museum’s endowment caused by the financial downturn, but museum director Lewis Sharp says there will be no layoffs or other changes made to the programming.
• The Cincinnati Art Museum is not proceeding with an expansion project and has also had to lay off seven members of its staff, mainly positions involved in the multi-million-dollar capital fundraising campaign for the building project
• the Milwaukee Art Museum has announced new hours and admission prices for 2009, partly in response to economic conditions. As of January, the museum will be closed on Mondays, except for the public holidays Labor Day, Memorial Day, and Dr Martin Luther King Jr Day. Also, the museum now has a single-ticket admission fee of $12 ($10 for student and seniors) and will no longer charge for special exhibitions. This is a significant raise in prices from last year, when general admission to the museum cost $8 for adults, $6 for seniors and $4 for students.

To read the full ArtNewspaper article, click HERE.