“Elaine Wynn”

The LACMA receives a $75 million donation

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...

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LACMA appoints its new Co-Chairs

On 18 June, the Los Angeles County Museum of Art (LACMA) announced the election of Elaine Wynn and Antony Ressler as new chairs of the board of trustees, succeeding Andrew Brandon-Gordon and Terry Semel, who will both remain on the board with the title Co-Chairs Emeriti. Elaine Wynn joined LACMA’s board in 2011 and is an active art collector. In 2013, she acquired Three Studies of Lucian Freud by Francis Bacon, for $142.4 million, a new record for a painting sold at auction. Together with her ex-husband Steve Wynn, she cofounded the Wynn Resorts, playing a pivotal role in the expansion of the Las Vegas Strip. She is also a philanthropist in various areas and has received a Presidential appointment to the Kennedy Center for the Performing Arts Board of Trustees. Antony Ressler has been working at LACMA for more than ten years and is the cofounder of Ares Management, an asset management firm. At LACMA, he has been the finance Chair and member of the Executive Committee. He has also served as a member of the Executive Committee of the Board of Directors of the Cedars-Sinai Medical Center Georgetown...

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Three Studies of Lucian Freud buyer identified as Elaine Wynn

Las Vegas, 22 January 2014, Art Media Agency (AMA). On 12 November 2013, Three Studies of Lucian Freud (1969) by Francis Bacon became the most expensive artwork ever to be sold at public auction, realising $127 million before fees. At $120 million, there were still three bidders, before the work was finally won by William Acquavella, for a client who wished to remain anonymous. Immediately, wild speculation followed as to who the owner of the triptych, one of only two complete triptychs created by Bacon of Freud, was. Now Elaine Wynn, the collector Stephen A. Wynn’s ex-wife, has been identified as the buyer of the piece. The couple, who divorced in 2010, founded a gambling empire in Las Vegas in the 1990s. Elaine Wynn’s fortune has been estimated at $1.9 billion by Forbes magazine. Both Stephen and Elaine Wynn are known for their passion for art: Matisse and Degas pieces have been exhibited in their casinos, and Stephen A. Wynn is a renowned collector. Three Studies of Lucian Freud was recently loaned to the Portland Museum of Art, whose curator, Bruce Guenther, managed to identify Elaine Wynn. The triptych has been exhibited in the museum since 21 December 2013, and is to stay on display there until 30 March...

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