International museum finance crisis

from CBC News (Canada) (1/8):

U.S. museums facing deep cuts because of economic crisis
Last Updated: Thursday, January 8, 2009 | 12:46 PM ET

"The financial crisis has cut deeply into the budgets of major art institutions, especially those in the U.S., which rely mainly on their endowments and private donations.

A survey of 40 museums in the U.S. by the Art Newspaper has shown that many institutions have lost 20 per cent of the value of their endowments.

A majority of these institutions were looking at between a five and 20 per cent cut to their 2009 budgets, with even more cuts looming in 2010." ...

for the complete story

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from the Art Newspaper (1/8):

Museums make deep cuts in face of global financial crisis
US budgets slashed, programming reduced and expansions halted
By Jason Edward Kaufman | From News | Posted: 8.1.09

"NEW YORK. A survey of art museums across the US has found that most institutions have lost at least 20% of the value of their endowments and directors are retrenching amid the worsening economic crisis. The survey of around 40 museums, conducted by The Art Newspaper in early December, revealed that nearly all directors had begun trimming between 5% and 20% of their 2009 budgets and were preparing for deeper cuts in 2010.

The Guggenheim Museum has cut 10% of its operating budget, the Denver Art Museum plans up to a 15% reduction, and the Los Angeles County Museum of Art (Lacma) initiated a staff freeze and cut back on travel. “We are looking hard at every single line item and squeezing nickels,” says MassMoCA director Joseph Thompson, who has trimmed expenses and programming by around 8% and has plans that could involve staff reductions by mid year.

Even the richest museums are not immune to the effects of the downturn, but directors expressed confidence that they can weather the crisis without massive lay-offs and drastic reductions in programming." ...

for the complete story

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from the Art Newspaper (1/8):

How the richest US museums are weathering the storm
By Jason Edward Kaufman | From News | Posted: 8.1.09

"The Getty Trust president James Wood says its endowment has fallen by 25% from the $5.98bn reported on 30 June 2008—a $1.5bn loss—and that despite having made budget reductions and lay-offs last May before the downturn, he has imposed a freeze on hiring and warned that the fiscal year 2010 budget will “significantly reduce spending, which will have an impact on staffing, programming, and operations”.

The Metropolitan Museum’s endowment had declined over the year ending 30 June 2008 when it was $2.9bn. If the portfolio tracked the market, since then the museum has lost nearly three quarters of a billion dollars, and funding from New York City, $26.8m this year, has already been trimmed 2.5% with additional 4% and 7% cuts announced for 2010. “We are reviewing carefully all of our expenses, as well as ways to generate revenue,” says a spokeswoman." ....

for the complete story listing the specifics of how museums are coping

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from the Art Newspaper (1/7):

“Catastrophe” for Vienna’s Albertina
By Martin Bailey | From News | Posted: 7.1.09

"VIENNA. Albertina director Dr Klaus Albrecht Schröder told The Art Newspaper that the financial crisis has been a “catastrophe” for his museum. In the past few weeks it has lost well over €2m in support." ...

for the complete story

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from the Chicago Sun Times (1/7) (courtesy of Melissa):

Market takes bite out of Field Museum
LAYOFFS, PAY CUTS | Endowment drops $95 million, big fossil debut scrapped
January 7, 2009
BY ANDREW HERRMANN AND DAVE NEWBART Staff reporters

"The tanking stock market has hit the Field Museum's endowment, which has dropped about $95 million -- 30 percent -- leading to salary cuts, layoffs and buyout offers to scientists and other employees.

While most of the planned upcoming exhibits will be presented as scheduled, financial belt-tightening contributed to the museum's decision not to present Lucy, a 3.2 million-year-old fossil of an ape-man species that was to debut here this fall, Field president John McCarter said Tuesday." ...

for the complete story