Leading US museums are finally in recovery mode and their directors are much more optimistic about the financial outlook than a year ago, but few are feeling bullish. Endowments may have increased but they have not regained their peak of 2007. Of the ten richest museums we surveyed, seven were within sight of their previous levels, but the wealthiest, the Getty Trust, is only a third of the way to the $1.8bn it lost during the downturn (see table, p10). The road to financial health will be long for all but a fortunate few, and many fear that the economic recovery may prove short-lived. Nevertheless, many directors describe themselves as “cautiously optimistic”.
Thomas Campbell, the director of the Metropolitan Museum of Art, New York, remembers spending his first six months making 10% cuts in 2009. “It was all quite tough. We did what we needed to do,” he says. Seventy-four members of the professional staff were made redundant, and 95 took early retirement. His outlook is much more positive, buoyed by a return in the value of the endowment, booming attendance figures (see p35) and major donations, including $60m from a trustee, David Koch, announced in February. “I don’t want to tempt fate but the situation seems better,” says Campbell, who revealed that the museum raised more than the $100m it needed to renovate its wing of American art, which reopened in January.
Javier Pes and Helen Stoilas
The Art Newspaper