The Los Angeles County Museum of Art announced Tuesday that a $750 million fundraising campaign for the new David Geffen Galleries building, designed by Swiss architect Peter Zumthor, is 98% complete, which is now at the Los Angeles County Museum of Art. $736 million
The museum has appointed 11 new board members since 2020, which it says are key to meeting its funding goals. The committee’s portfolio now totals $330 million.
Fundraising is slow moving. In November 2021, the campaign was $679 million, the year before it was $655 million.
In October 2022, the museum announced that its fundraising campaign had reached $700 million. At that time, construction of the building was 50% complete, despite supply chain issues and other delays. related to the epidemic That has slowed down other museum projects, such as the Lucas Museum of Narrative Art built in Exposition Park, but LACMA has insisted that construction projects continue as planned. with the goal that Completion at the end of 2024
The $125 million public-private partnership for this controversial new building comes from a Los Angeles County taxpayer fund. The museum said 80 percent of the campaign money was private, although LACMA did not disclose how much those donations were paid to the museum relative to the pledge made.
LACMA director Michael Govan said in Tuesday’s announcement that the museum was in He added that the new board members would lead. “A truly diverse experience in the arts, technology, charity, business, sports and entertainment, among others.” The board now has 54 voting members in addition to 11 trustees.
The newest members on the LACMA board, who were all elected this year, include Lee Boo-jin, chairman of Seoul-based Hotel Shilla, Jeff Yabuki, chairman and co-founder of private equity firm Motive Partners, and venture capitalist Jim Tananbaum, founder and CEO of Fo Capital. rest
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The museum confirmed Tuesday morning that construction was still scheduled to be completed by the end of 2024.