Posts Tagged ‘endowment’
Alice Walton is the youngest daughter of Sam Walton, founder of Wal-Mart. She was raised in Bentonville, Arkansas—also the location of the first Wal-Mart, and where Wal-Mart corporate headquarters is located. In the past decade Walton has been on a shopping spree of American art, from colonial to contemporary.[ii] The spree was fueled by her philanthropic project, the Crystal Bridges Museum of American Art (she chose the name), also in Bentonville, a city with a population of 35,000. The cost for the project is unknown, but art blogger Lee Rosenbaum (CultureGrrl) investigated the museum’s 990s and revealed that between 2005 and 2010, the museum spent $508.57 million in “expenses for charitable activities”[iii]—an intentionally vague category. These activities most like are the acquisition of art but also the design and construction of the museum by architect Moshe Safdie.
Jeffrey Deitch will bid adieu to the Museum of Contemporary Art and the Best Coast and head back to New York, where his genius is appreciated and where he is already curating a show. Poor Deitch, un-hip, philistine LA just didn’t get him. The biggest Deitch defender in the press has been Art in the Streets associate curator (non-MOCA curator) Aaron Rose: “We had something going in L.A., and it’s over now. Jeffrey’s resigning is really a statement about what the city is. All people in L.A. want is interior design. They want paintings to put over the couch.” Let’s leave generalizations about “people in L.A.” out of this Aaron Rose, and take a moment to remember that time New York Times Magazine did a spread on “Jeffrey’s Deitch’s Party House.” Let’s talk about that interior design Aaron Rose: Deitch may not have paintings over his couch, but he does have painted couches.
Within just a few months of BCAM’s opening at LACMA, rumors began to circulate Eli Broad had been less than forthcoming about his true intentions. Contrary to his initial denial of it, at the end of 2008 local newspapers began reporting Broad intended to build a new museum for his collections in Beverly Hills.[ii] The City of Beverly Hills quickly identified a prominent parcel of land at the intersections of Wilshire and Santa Monica Boulevards for the project. An architectural competition was announced, a short list determined (Thom Mayne, Jean Nouvel, Shigeru Ban, Rafl Viñoly and Christian Portzamparc), and schematic renderings of the site plan were even published. [iii] If this speedy development seemed too good to be true, it’s because it was.
By the end of 2009, Broad announced there were actually multi cities vying for his collections and a new museum building to house them. Beverly Hills, previously unchallenged was suddenly competing with the City of Santa Monica, and Broad’s foundation announced there was also a third, unnamed city in the running.[iv] This of course turned out to be the City of Los Angeles. Broad said he wasn’t, “trying to play the two [three] municipalities against each other […] he hope[d] that by talking to several different cities he c[ould] accelerate the process of building.”[v] But play them against each other he did, for six months, trying to secure the best deal.
Last September, the Andy Warhol Foundation for the Visual Arts announced it would auction off a chunk of its trove at Christie’s to benefit its endowment. The other big change at the Warhol Foundation in 2012 was the dissolution of its authentication board, which was becoming overly expensive due to constant lawsuits. Both changes were motivated by the Warhol Foundation’s desire to further its mission and increase its grantmaking activities. Everyone, except Jose Mugrabi, wins!
On November 12, Christie’s began the Warholmania with three auctions—one for photographs, paintings and works on paper, and prints (the catalogues have some crazy graphic design). The auctions featured 354 works and brought in $17,017,050. (There is still a ton of work to be sold by Christie’s through a selling exhibition in Hong Kong and an online sale next month.)