Meanwhile, a world away from Miami, we follow up on the story from the other day of Eli Broad stepping in to save the Museum of Contemporary Art in Los Angeles by handing over $30 million of his own money. Like the LA Times‘ blog Culture Monster says “billionaire philanthropists are not like the rest of us,” which is perfect as they report that Broad is giving this huge batch of cash without any strings attached. Just like that, $30 million, to keep the place alive. But really, not that that amount really means much, considering his virtually never-ending coffers. And who knows how this might help his bid to open his own art museum soon? Here’s a bit:
Broad outlined the offer he said he has communicated to MOCA leaders: He figures the museum needs $25 million to replenish the endowment it has gradually been spending down over the last eight years to stay in business. He would put up half that amount as a challenge grant, matching each dollar MOCA raises on its own.
On top of that, Broad said, MOCA needs “maybe another $5 million” to cover its projected operating deficit for the coming year. He’d kick in half of that as well, again with the idea of matching what MOCA raises.