MET Considering Sale of Art to Plug Deficit
February 7 2021
Picture: MET
Posted by Adam Busiakiewicz:
A reader has drawn my attention to an article in The New York Times, which explains that the Metropolitan Museum of Art in New York is the latest cultural institution to consider selling works from its collection to plug its $150m deficit.
It seems that the relaxation of rules from the Association of Museum Directors has encouraged the institution to seek alternative ways of raising capital during these uncertain times. The museum is already conducting talks with its curators and auction houses in drawing up a plan.
The MET's directory Max Hollein is quoted as saying:
This is the time when we need to keep our options open. None of us have a full perspective on how the pandemic will play out. It would be inappropriate for us not to consider it, when we’re still in this foggy situation.
Ian Alteveer, the curator of Modern and Contemporary Art is also quoted:
There is some urgency in this. We’re facing a huge budget deficit. We’ve tried for years to get more robust funding for conservation, one of the prime things related to collections care.
(...)
Every museum in the U.S. is having these conversations. ‘Do we want to use this window? What would it mean for the institution? What would it mean for the collection? For us not to discuss this now would be irresponsible.
