American Folk Art Museum Struggles Under Heavy Debt


We’re beginning to feel like it’s late-2008/all-of-2009 again what with all the news of museum trouble again. Earlier this week, we told you about the continued financial difficulties at the Chelsea Art Museum, and now the news that another New York-based institution is in trouble: the American Folk Art Museum. Located in their new building just down the street from the MoMA, WNYC reports that the small museum has seen its attendance plummet over the past few years in addition to being “unable to make upcoming payments on a $32 million bond it borrowed from the City’s Trust for Capital Resources.” Bloomberg has more of the specifics on their financial woes, as well as a quote from the museum’s executive director who says “We’re not on the verge of closing” and discussed their fundraising plans. So it looks like we’re not yet out of the museum-busting portion of the recession just yet. Here’s to hoping for the best.