The LACMA has received an extraordinary donation of $75 million, the largest in its history. A sum aimed at financing a new building.
Collectors Elaine Wynn and A. Jerrold “Jerry” Perenchio have promised the Los Angeles County Museum of Art a donation of $75 million. The donation is however conditional, requiring the museum to successfully carry out its campaign to raise $600 million to finance a new architectural complex to be designed by Swiss architect Peter Zumthor. The plan is to build an entirely black 400,000 m2 building that will serve as a museum and a bridge crossing Wilshire Boulevard, whose shape is suggestive of a Chinese calligraphy symbol. The ambitious project will allow four of the museum’s seven buildings to be replaced. According to the Los Angeles Board of Supervisors, $125 million have been raised for the project. LACMA’s director, Michael Govan, is optimistic about the success of this financing campaign. The project may well start in 2018 and be completed in 2023.
Aside from this exceptional donation, A. Jerrold Perenchio has promised to give to the museum his collection, estimated as being worth nearly $500 million, stating: “The old buildings are that — they’re old buildings. Great art has to have a great place to be displayed.”