Eli Broad to the Rescue!

We reported a few weeks ago that L.A.'s Museum of Contemporary Art (MOCA) was in deep financial doo-doo (Save LA's MOCA). The LA Times reported this morning that local LA arts patron and money-bags, Eli Broad and MOCA have come to a deal in which Broad will provide MOCA with a $15-million challenge grant, meaning Broad will match dollar-for-dollar other contributions the museum receives up to $15 million, netting MOCA $30 million in total.

In this time of bailouts, it's reassuring to see one for the arts, and one that comes from a private citizen rather than from government largesse with taxpayers' money. And also good to see that Eli Broad is presumably not being taken down with other members of the L.A. Jewish community who entrusted their millions to scoundrel Madoff.

Now, L.A.-area citizens, we need to do our part. Get out and visit MOCA! Become a member, make a donation. Visit the MOCA website.

Save LA's MOCA

On Wednesday, the LA Times reported that the Museum of Contemporary Art (MOCA) in downtonn Los Angeles was facing serious financial problems in the current economic downturn. In his piece, Mike Boehm reported

Los Angeles' prestigious but chronically underfunded Museum of Contemporary Art has fallen into crisis. Museum Director Jeremy Strick said MOCA is seeking large cash infusions from donors, and this week he did not rule out the possibility of merging with another institution or sharing its collection of almost 6,000 artworks.

On the Op Ed pages of today's LA Times, LA philanthropist Eli Broad issued what might be called a "match challenge" to save MOCA from having to merge with another museum or even have to sell some of its collection to cover operating costs. Broad issues his match challenge in the opening paragraph to his piece

I'd like to make a proposal to the MOCA board and to the civic angels of Los Angeles. I'll step up if you do too. The Broad Art Foundation is prepared to make a significant investment in MOCA -- $30 million -- with the expectation that the museum's board and others join in this effort to solve the institution's financial problems. It is vital that the museum remain on Grand Avenue, keep its collection and continue its tradition of world-class exhibitions.

Let's hope that the "civic angels" that Broad refers too haven't had their brokerage and hedge fund accounts decimated to an extent that they've had their wings clipped.