In the Arts: MoMA Freezes Pay, Philanthropist Creates New Prize

On the heels of a nearly 18-percent drop in its investments, New York’s Museum of Modern Art has implemented a staffwide salary freeze and benefit cut, says Bloomberg.

The museum, which saw its cash and investments decline from $788-million to $610-million in the fiscal year ending in June, is hoping to avoid layoffs as it deals with a budget squeeze, officials said. Museum executives making more than $150,000 have already taken pay cuts, and director Glenn Lowry’s salary, $1.32-million in the last fiscal year, was slashed by 10 percent.

In other arts news, the Ukrainian billionaire and art collector Victor Pinchuk’s foundation announced a $100,000 award for artists under age 35, The New York Times reports. The Future Generation Art Prize will be awarded every two years, with the winner chosen from among online applicants and artists nominated by cultural professionals.

Also, small Washington arts groups have been able to keep key staff members, at least temporarily, thanks to federal stimulus grants directed specifically at retaining arts jobs, reports The Washington Post.

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