Only a week after the Museum of Contemporary Art (MOCA) said no to a potential takeover by the Los Angeles County Museum of Art (LACMA), it appears we know why.
While MOCA had suffered a financial drain that had it on the reported brink of death, the museum today reports that it now has means.
According to MOCA …
… it has secured “commitments” that would put its endowment at $60 million, up from its reported basket-case reserve of only a few million in recent month.
The museum says the pledges mean the endowment will actually reach a record high in the museum's 34-year history.
In other words, it don't need no stinkin' LACMA (or any other suitors, apparently).
They're calling the effort to raise $100 million the “MOCA Independence” campaign. Board president Jeffrey Soros:
The financial support we have already raised demonstrates the commitment of the board to ensuring that MOCA remains a world-class independent contemporary art museum, and we call on others to join in this campaign.
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