Eli Broad Puts His Name On a Museum But Pulls His Art
Broad's status as a collector (he is one of the world's top ten collectors) means that his decision will have an impact on how other aging collectors think about their future plans for art, wondering if they too should find an option that will make sure that their accrued works don't end up in a museum's storage. What makes Broad's decision particularly interesting is the timing, next month the Los Angeles County Museum of Art is opening the $56 million Broad Contemporary Art Museum, a building designed by Renzo Piano and financed by Broad, ostensibly for the purpose of showcasing his art. The new museum will still have favored nation status so much of the art will hang there but there is a big differenc between loaned art and owned art, especially in terms of the leverage that a large and important collection provides. Museums often go through elaborate courting processes with big fish donors spending a great deal of time and money in the hopes of getting a valuable donation.
One thing I wonder is whether or not Broad will get the same tax breaks for leaving the art in his own foundation versus donation.