Friday, December 5, 2008
Billionaire Eli Broad has offered the Los Angeles Museum of Contemporary of Art a $30 million bailout to rescue the museum from financial trouble. But, the gift comes with certain strings: the museum cannot merge with any other institutions or sell any pieces of art. Broad is using his gift to improve the board. I encourage you to listen to his NPR interview: it just screams of Duty of Care, Duty of Loyalty, donor intent/cy pres, and what it means to be an art collector/philanthropist.