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Met puts up 2 Chagalls as collateral for loan |
Amy Westfeldt, THE ASSOCIATED PRESS 2009-03-02 18:56:00
NEW YORK - The Metropolitan Opera has put up two giant Marc Chagall murals in its lobby as collateral on a loan, the latest example of how the top fine arts institutions in the United States are struggling to cope with the economic downturn.
Met spokesman Peter Clark said Monday that the country's premier opera house was using the nine-by-11-metre paintings as collateral for "a longstanding loan."
He declined to specify the loan amount or the appraised value of the works, "The Triumph of Music" and "The Sources of Music."
Lincoln Center for the Performing Arts commissioned the murals from the French painter for its lobby in the 1960s.
The paintings will remain in the lobby unless the Met defaults on the loan.
Clark wasn't sure whether the Met had used art works as collateral before.
The Met earlier this month announced it was dropping four performances from its 2009-2010 season and slashing senior staff members' salaries by 10 per cent to stay within its US$291 million annual budget.
The opera house's $300 million endowment has fallen with stock prices, along with donations, Met General Manager Peter Gelb said.
The faltering economy has led to a growing number of individuals and institutions using fine art as loan collateral in recent months.
Photographer Annie Liebovitz borrowed more than $15 million against rights to all her photographs and her New York townhouse, according to city records.
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Metropolitan Opera: http://www.metoperafamily.org
Met spokesman Peter Clark said Monday that the country's premier opera house was using the nine-by-11-metre paintings as collateral for "a longstanding loan."
He declined to specify the loan amount or the appraised value of the works, "The Triumph of Music" and "The Sources of Music."
Lincoln Center for the Performing Arts commissioned the murals from the French painter for its lobby in the 1960s.
The paintings will remain in the lobby unless the Met defaults on the loan.
Clark wasn't sure whether the Met had used art works as collateral before.
The Met earlier this month announced it was dropping four performances from its 2009-2010 season and slashing senior staff members' salaries by 10 per cent to stay within its US$291 million annual budget.
The opera house's $300 million endowment has fallen with stock prices, along with donations, Met General Manager Peter Gelb said.
The faltering economy has led to a growing number of individuals and institutions using fine art as loan collateral in recent months.
Photographer Annie Liebovitz borrowed more than $15 million against rights to all her photographs and her New York townhouse, according to city records.
-
Metropolitan Opera: http://www.metoperafamily.org
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