UNUSUAL TWIST: U.S. Economic Crisis Impacting Revenue of Museums in Chicago, Elsewhere - But Attendance is Up!
AT THE FAMED CHICAGO ART INSTITUTE, ENDOWMENTS DOWN 25% - ADMISSION FEE UP 50%!
Despite the U.S. Economic Downturn, here in Chicago and Across the U.S., many prestigious museums of fine art are experiencing attendance growth - despite the fact that overall revenues are down.
According to Ula Illnytzky, in her Chicago Tribune Story today, here in Chicago, the Art Institute, on Michigan Avenue between Adams and Jackson Streets, just announced an admission price increase to $18. The increase drew the ire of Chicago Aldermen, who threatened to begin charging the internationally-renown museum for what had previously been free city water service. The museum also eliminated raises for its high-level management and reduced the temperatures in its galleries.
A new Modern Wing at the Art Institute is opening this spring. It's $300 Million cost came from private donations contributed before the current economic hard times.
Across the U.S., other well known art museums are experiencing falling revenues, and face severe staffing cuts or increases in admission fees. Two noted museums, the Museum and School of Fine Arts in New York City, sold two artworks to cover its operating costs. It is facing a $2.5 Million debt.
And in Boston, Brandeis University has proposed selling several of its pieces, for a similar reason, if necessary.
The Las Vegas Art Museum temporarily closed in February, even after slashing its budget by 30%. The Detroit Institute of Arts cut jobs 20%, and the Denver Art Museum and the Baltimore Walters Art Museum canceled special exhibitions.
In New York, the famous Metropolitan Museum of Art plans to cut 250 jobs by this summer, and close 15 museum stores across the U.S.
To save money, and avoid closing galleries or cutting hours, many museums, including the Brooklyn Museum of Art in NY, have begun to dip into their extensive permanent collections, many not exhibited publicly in many years, to create new special exhibits. At any moment in time, most museums put only a small percentage of their complete collections on public display.
But even as these major museums slash their budgets and cut their staffs - an average of 5 to 15 percent - many say their has been little impact on exhibitions, programs, and attendance.
See Illnytzky's Tribune story for more info.
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