Description: Art Investment Blog
Art Investment Blog
As attendance fell to almost nonexistent during the coronavirus pandemic, famous museums around the world face destabilizing budget deficits. The Met museum in New York, whose finances rely on donations and revenue from its endowment instead of public funding, reported potential losses of up to $150 million and suffers still from the uncertainty shadowing the COVID-19 crisis, which is hopefully nearing its end. The museum has announced plans of putting artworks on sale from its collection to alleviate the b
Usually, museums face strict restrictions about selling artworks from their collections. In the United States, collection policy guidelines are defined by the American Alliance of Museums and the Association of Art Museum Directors, which has held, for instance, that revenue from any sale of an artwork from the collection can only be used for future acquisitions of other artworks. This constraint has now been relaxed to help privately-funded museums in the US to sell works and use the revenue to pay bills,