Troubles for Museums Continue

Jason Kaufman of the Art Newspaper is reporting that museums continue to see troubling times. The article sites layoffs, reduction in number of shows, and budget cuts due primarily from loss of endowment revenue.

Kaufman lists the investment losses of the Getty during the second half of 2008 at $1.5 billion, and the Metropolitan museums drop of around $800 million. These are some rather substantial hits, as investment income from the endowments provides operating revenue for the institutions.

Kaufman states The financial crisis reached US museums in force during the first quarter of 2009. The storm clouds of the recession that had been gathering since last autumn unleashed a deluge of layoffs, budget reductions, salary cuts and canceled exhibitions as museums across the country sought to rein in deficits and work out budgets for the coming year.

Kaufman proceeds to report on some of the issues and concerns happening at US institutions. Many have been reported on in the past here on the AW Blog. I wish there was something positive in the article to grab a hold of, but unfortunately, there is not. Kaufman does mention joint shows and potential mergers as way around some of the current financial problems being seen within our cultural institutions.

To read the full Art Newspaper article, click HERE.