The Effect of the Financial Crisis on the Art World

Time’s Richard Lacayo wrote yesterday about how the crisis in the financial world will carry over into the art world. Museums rely for a good deal of their sponsorship on corporate funding, and Lacayo lays out what some of the repercussions may be in The Market Meltdown and the Arts.

A.I.G. is still a major corporate member of the American Patrons [of the Tate in Britain], but I don’t think it will be handing out much money to the arts anytime soon. Meanwhile, Lehman Brothers’ arts philanthropy was more focused on performing arts education, but it also had involvements with the visual arts. And of course Kathleen Fuld, the wife of Lehman’s CEO Richard Fuld, is a board member of the Museum of Modern Art. The Fulds were frequent donors to MOMA and its collections.

In his post, Lacayo references this Bloomberg article: Nonprofits Brace Amid Bankruptcy. Following up, Bloomberg reported Nonprofits Start to Look Beyond Corporate Donations, which deals with the nonprofit world in general, but its point is just as valid for those nonprofits rooted solely in the arts world.

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~ by David Cupp on September 18, 2008.

2 Responses to “The Effect of the Financial Crisis on the Art World”

  1. […] Crisis and the Arts Filed under: General — David Cupp @ 2:30 pm Following up on this post from last week, details continue to unfold on the effects of the Wall Street crisis on the art […]

  2. […] above) and some commentary. I’ve covered the economic crisis’s effect on the arts here and here. In light of this news, it’s interesting that Kathy Fuld and her role in the arts […]

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