US Museum Directors Optimistic

The Art Newspaper has a good story on the potential recovery for many US museums.  In the recent past many museums and historical societies have seen a decline in visitors, shrinking endowments due to the economy, budget cuts, staff layoffs and other expense reducing maneuvers in addition to a reduction in donations.

The Art Newspaper reports many museum directors feel there is now a shift away from the past issues and performance and now those past concerns are shifting to cautiously optimistic point of view.

The Art Newspaper reports

Leading US museums are finally in recovery mode and their directors are much more optimistic about the financial outlook than a year ago, but few are feeling bullish. Endowments may have increased but they have not regained their peak of 2007. Of the ten richest museums we surveyed, seven were within sight of their previous levels, but the wealthiest, the Getty Trust, is only a third of the way to the $1.8bn it lost during the downturn (see table, p10). The road to financial health will be long for all but a fortunate few, and many fear that the economic recovery may prove short-lived. Nevertheless, many directors describe themselves as “cautiously optimistic”.

Thomas Campbell, the director of the Metropolitan Museum of Art, New York, remembers spending his first six months making 10% cuts in 2009. “It was all quite tough. We did what we needed to do,” he says. Seventy-four members of the professional staff were made redundant, and 95 took early retirement. His outlook is much more positive, buoyed by a return in the value of the endowment, booming attendance figures (see p35) and major donations, including $60m from a trustee, David Koch, announced in February. “I don’t want to tempt fate but the situation seems better,” says Campbell, who revealed that the museum raised more than the $100m it needed to renovate its wing of American art, which reopened in January.

Click HERE to read the full article in the Art Newspaper