Why hasn't LACMA moved the fundraising needle in the last year? How a poor idea for a museum makeover reportedly is encountering escalating costs.
Over the past 16 months, Los Angeles County Museum of Art fundraising to erect a controversial new building, replacing most of its Wilshire Boulevard campus, has virtually ground to a halt. Four-fifths of the $650 million needed had been pledged by summer 2018, but next to nothing has been raised since.
The actual explanation for the shortfall, however, seems to lie elsewhere. Before we get to the details, a few salient facts:, a glittery annual extravaganza held to raise money to underwrite programs, a LACMA spokesperson told The Times that pledges for the new building stood at $560 million. During the event itself, Michael Govan, the museum’s director, nudged the number upward a bit, saying the campaign is “pushing $580 million.
Just the money the board’s billionaires saved would likely cover most of their museum’s fundraising gap. LACMA trustees have put up close to half of the pledged funds, and there’s no reason to think they lack the financial wherewithal to put the campaign over the top.The clock keeps ticking. The months — and now years — go by.
The best example of just how much it has changed is, ironically enough, LACMA. The existing total pledge of $560 million for a new building is larger than any cultural fundraising tally I could name in the city’s history.So the reason for today’s stall lies elsewhere. Almost three years ago, Govan himself put his finger on the more current governing dynamic in an interview with the New York Times.“I can’t say it strongly enough: It’s not a question of whether there’s money in L.
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