Money Trouble at the Met
“New York’s Metropolitan Museum of Art shed 14 percent of its staff in the year ending in June amid a record operating deficit. At least 250 employees were fired or took buyouts as the museum reported that its investments declined by more than $600 million, or 24 percent.” - Bloomberg
Giacometti Sculpture Sets All-Time Auction Record
“A 1960 Alberto Giacometti sculpture sold for £65 million ($104.3 million) at Sotheby's, setting a record price for a work of art at auction and signaling a potential resurgence in the art market.” - WSJ
SFMoMA Raises $250 Million
“The San Francisco Museum of Modern Art announced Thursday that it had raised more than $250 million to expand the museum and double its endowment. The museum is building a new wing to show the collection of Gap founders Donald and Doris Fisher.” - WSJ
Iran Cuts Ties With British Museum
“Iran said it will cut ties with the British Museum on Monday because of the museum's failure to lend Tehran an ancient Babylonian artifact described as the world's earliest bill of rights.” – Washington Post
Dell Purchases Magnum Photo Library
“Billionaire Michael Dell’s investment firm, MSD Capital LP, has acquired about 185,000 vintage photographic prints from the Magnum Photos agency in what is thought to be among the largest photo transactions in history.”
- Bloomberg
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