Eli Broad offers MOCA $30 million

Eli Broad says — without providing details — that he is prepared to ante up $30 million to help L.A.'s Museum of Contemporary Art out of its financial crisis. In an opinion piece to be published in Saturday's Los Angeles Times, L.A.'s top arts philanthorpist writes:

"I’d like to make a proposal to the MOCA board and to the civic angels of Los Angeles. I’ll step up if you do too. The Broad Art Foundation is prepared to make a significant investment in MOCA — $30 million — with the expectation that the museum’s board and others join in this effort to solve the institution’s financial problems. It is vital that the museum remain on Grand Avenue, keep its collection and continue its grand tradition of world-class exhibitions.

"This is not a one-philanthropist town. ... The philanthropic community must not turn its back on MOCA. We must make it one of our civic priorities. ... We came together to save Disney Hall. We can do it again."

Broad said through a spokeswoman that he would not elaborate on his written commentary, except to add: “The investment would be some immediate cash and some over a period of several years.”

His article does not say how much he wants others to contribute or whether he intends his money as a challenge grant — a common fundraising device in which a lead donor offers to make a major contribution, but only if the rest of the community first kicks in a certain amount.

Also, in characterizing the $30 million as an "investment," it's not clear whether Broad would expect something in return — perhaps the right to lend works from MOCA's collection through his foundation, which serves as a "lending library" for museums around the world, or to borrow from MOCA's collection for shows at the 25,000-square-foot museum/headquarters he is seeking to build within about three years.

MOCA's endowment, worth more than $36 million in 2000 and just $20.4 million in mid-2007, is said to have dwindled to as low as $7 million amid the current world financial crisis. The highly respected museum has been unwilling to release current figures. MOCA's collection and exhibitions are considered among the best in the nation and the world for post-World War II art, but the museum has been living off its reserves for much of the decade.

In other breaking MOCA news, the museum announced this afternoon that the California Attorney General's office is looking into its finances. A museum spokeswoman released this statement:

"MOCA has received a letter from the California Attorney General’s office.  The California Attorney General has broad jurisdiction and oversight over California non-profits, including MOCA.  The letter requested information and documents related to the Museum's finances.  MOCA is fully cooperating with the Attorney General."

Scott Gerber, a spokesman for the Attorney General's office, would not confirm that the office had sent the letter and would offer no comment on the matter.

Arthur Rieman, managing attorney of Studio City's The Law Firm for Non-Profits, said Friday that it is standard procedure for the Attorney General's office to launch a preliminary inquiry in reaction to news reports of possible misuse or inappropriate diversion of charitable assets. "This probably is normal — it doesn't mean anything other than that they [the Attorney General's office] have been made aware that there may have been a diversion of assets," Rieman said.

MOCA leaders declined to discuss the Broad article or the Attorney General letter.

—Mike Boehm and Diane Haithman

Photo: Eli Broad and his wife, Edythe, at the February gala opening of the Broad Contemporary Art Museum.

Photo credit: Dan Steinberg /Associated Press

Comments

[Buddy]

Mr. Broad is a stand-up guy. He's the best arts philanthropist in the city, even if he sometimes does so with his own master plan agenda.

But in this case he's right. This is NOT a one-philanthropist town. There are numerous people - some on the MOCA board who are as wealthy as he is, and they should equally step up. Privately they'll say they've done all they can due to the economy, but that's bull. They can afford to do more, but they're cheap, and worst of all, they are not inspired by Jeremy Strick. If someone more respected, and connected, like Michael Govan were running MOCA it wouldn't be an issue. But Mr. Strick has lost all integrity. He's as lame-duck useless as George Bush.

Mr. Broad's expectations for other wealthy donors to step up should be heeded. And at the same time, MOCA needs someone else to take the reigns, even on an interim basis, who knows how to manage. Even one of their own Board members, like Steve Tisch, would be a good solution.

Congrats and thank you, once again, to Eli Broad.

[thankful]

thank you eli. i hope this works and i hope the rest of you fancy folks kick in what you can, but also. it would be nice if the regular people helped too and just renewed their memberships or bought something in one of the great moca stores or paid admission. everything helps and everyones support means something.
let's all save moca.

[Jenny]

Don't believe this. Eli Broad is not going to donate this money without major strings--and I mean nothing short of taking over the museum. He will dissolve MOCA just as much as any other solution. MOCA still needs the support of its public. This deal with Broad will not happen.

[Brady Westwater]

The silence we heard during the past few days from everyone else is why Disney Hall almost didn't get built and why MOCA almost went under. No other city has such a lack of real civic leadership.

[Tim]

As Brady Westwater noted in the Facebook MOCA Mobilization page, it's time for MOCA Trustees to put up or shut up. And, as he noted, many of these Trustees spend on just one painting an amount commensurate with one year of operating costs for the whole museum.

These centimillionaire and billionaire Trustees also benefit greatly from their positions, especially in relation to MOCA's exhibits. They operate it almost like their own private hedge fund or NASDAQ market.

For example, the majority of the Martin Kippenberger works currently on exhibit at MOCA are owned by MOCA trustees Blake Byrne, Susan Gersh and Beth Swofford.

And while they "generously" donated these works, and perhaps some funds, to make the show possible, the show, in return, will double or quadruple the value of their own works. So now they're making millions from "insider trading."

This is but just one example of what goes on at MOCA 3-4x per year. So before these now-silent Trustees come hat in hand begging for a public bailout, they should be the first in line of defense to support the museum. Or, they should all lose their posts and go home in disgrace.

[Tim]

In Edward Wyatt's article in today's NY Times, he adds that part of Mr. Broad's expectations are for a "management change" at MOCA.

Most of us couldn't agree more. Jeremy Strick must go.

I would like to see a proven, industry-wide respected museum expert & fundraiser take control of MOCA, preferably someone from London, NY or Paris.

[Scott]

I didn't think it made sense for LA to have another modern art museum, but since Broad is the only one who has both spoken up and put up the funds, I say let him do what he wants. Isn't this town full of millionaires? The LA Times should call them out. Can you imagine this happening in NY or Chicago?
At least Broad will make sure MOCA is better run. I was at the Murakami exhibition and it was packed. Lines at the gift store too. So where did all the money go?
If this town ends up with Broad's name (and control) over everything, so be it.

[Donald Frazell]

This isnt a modern art museum, its contemporary crap, that after Rauschenber adn Johns, taht are all about personal expression and childish whining, arc school questions taht are irrelevant to life on earth, adn a Disnelyand for thsoe who dont want to grow up, Peter Pans.

Modern art was about how we were part of all of life, the subject always jsut a motif, whatever symbolism in it jsut one thread of many, nww its just one, lLook at me momy and dady! I am an Artiste!

No great artist ever graduated from an art school, and those who can do, those who cant teach, and these thousand of medicorties all think they ar artist. Taht msut be earned, not bought And the msuseums are thre simply to show art studetn stuff to keep the gallery-acadmia-msum complex going, much as the military industrial comnplex taht Eisenhower earned of, but we ahd no warning. Here it is, in its death throws. Conteporary art is dead, more entertainment than art, they cant even define what art is, which means it is nothing, Words being but symbols of meaning, Take meaning away, and you can sell the word art as anything, and so they have.

No more monies for the .1%, go get a job. We have real grownup issues to deal with.

[Diana]

What are your grown-up issues? Learning to spell possibly? Oh no - spelling lessons are for children. Thinking is for adults.

[Donald Frazell]

Uh, I know you are art students and totaly out of touch with the real world, but there are some real isses us adults are dealing with, besides wasting money on some overaged daycare centers, art schools. and museums

War. A necessry but botched on in Afghanistan, a horrible one in Iraq that was not an issue as Saddam was contained.

Jobs. Guess you havent noticed we have eneterd a depressionas daddy pays your bills.

Healthcare, absurdly rising rates making even preventative care out of reach for more and more people.

Underemployment. More and more taking less and less payng jobs, many part time with no benefits.

Schools. A disaster, Overcrowded, badly supplied, cuts in many types of classes, sports so fatter kids. Arts whre you could help by volunterrng instead of whining about getting grants for sitting on ones ass. Music, where people can learn a real craft and appreciation for hard work and skill, unlike contemporary art. Shop, auto repair, other blue collar skill jobs.
Math, science and writng, and especialy reading comprehension at all time lows. Not relevant to art students as they dont know these things.

Budget Deficit, will lead to inflation dn wipe out many savings, has to be paid off, but caused by art student parents who cheated on under taxation anyway. Something the millions and billions Broad and other thiefs could be payin into, thats how they got their millions. cheating so they can build monuments to themselves

Cuts to all government jobs. More unemployment and services even worse than normal.

Ecology, you know, green house gsses and those kinda things, heard of them?

Commodoties rising in price, food, oil wil go way up once econmy start moving again in about two years, will be bad. Worse than a few months ago. Many are starving in poor countries,adn jobs collapsing in India and China, war on the horizon, as poverty leads to wars

Dumber and dumber kids, every generation more self involved and whiny. Uh, that would be you

There are a few more, but you seem more interested in typos, a rather anal attitude, and excuse of ones ignorance. Lame

Donald Frazell
Imperial Clothing a more and more well known essay on Art, Philisophy and even Yoga sites, all over the internet world, you are too busy texting to notice.

[Sam]

While MOCAs art collections are important to preserve, MOCA also has education programs that are invaluable. I attended MOCA education's "Apprentice" program (MAP) for teens when I was in high school. That program helped me get into art school and shaped where I am today. MOCAs education programs are invaluable to future generations of artists and arts people. Lets make sure they stick around!