Major Arts Donor Decides to Lend — Not Give Away — His Art Collection
January 8, 2008 | Read Time: 1 minute
Eli Broad, the billionaire philanthropist and art collector, has decided not to donate his extensive collection of modern artwork to any one museum, but instead to form an independent foundation that will loan the work to many institutions, reports The New York Times.
Mr. Broad was swayed by the prospect that no museum could assure him that it would display more than a small percentage of his collection at any time. (The remainder would go in storage.) He says the lending approach — which he views as the future of arts philanthropy — ensures that many museums can feature the work instead of just one.
Mr. Broad’s move, the newspaper says, “is a potential embarrassment” for the Los Angeles County Museum of Art, which enjoyed a close relationship with Mr. Broad and exhibited many of his pieces over the years. Mr. Broad says his decision to form a lending group does not reflect a lack of confidence in the museum.
Mr. Broad gives to an array of causes and has appeared on The Chronicle’s list of the most-generous people in America eight times.
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