MOCA just announced that they have exceeded their goal of raising a historic $100 million for the museum's endowment, and added that due to the "overwhelming expression of support and commitment to the future of the museum," they will be raising the endowment to a whopping $150 million. So who's behind this largesse?
The world of fine art has proved unusually resistant to the downturn in the economy and this news should come as no real surprise, though it's still an impressive feat. In less than ten months, MOCA more than quadrupled it's goal of raising its endowment. Even more impressive is that the goal was reached not by any one donor or foundation, but though a consortium of arts supporters and marquee names such as Annenberg, Brant, Eli and Edythe Broad, and the Steven A. and Alexandra M. Cohen foundations, as well as former MOCA director Jeffrey Deitch, among many others.
As MOCA's interim director Maria Seferian explained to the Associated Press, "This is an incredible amount of money to be raised in such a short time and it really was broad-based. It was not one donor who [swept] in and decided to save the museum. About thirty donors all came together and decided the museum should continue."
MOCA has been going through rough times over the past few years and it wasn't always clear how the organization would emerge. Eli Broad originally bailed MOCA out in 2008 when they were going through tough financial times and has again come to the rescue, along with the aforementioned well-positioned donors.
“With the future of this great contemporary art museum now secure, we will continue to support and protect the institution further with a committed board," explained Maurice Marciano, incoming co-chair of the MOCA Board of Trustees. "[We] are grateful for the dedication and tenacity... leading this historic campaign to secure a healthy and vibrant future for MOCA in Los Angeles and internationally."
This was echoed by the co-chair of the Board of Trustess David Johnson.
"With the help of the entire MOCA board and a worldwide community of supporters, MOCA has emerged from a pivotal phase to secure a sustainable financial future for the first time in its history," said Johnson. "This achievement reinforces our belief that MOCA's strength is critical to the independence and integrity of contemporary art and to the support of artists. We are grateful to our board and the community and interim director Maria Seferian for achieving this transformative goal."