The Los Angeles County Museum of Art (Lacma) is the latest US museum to announce a major private funding windfall—two pledged gifts, totalling $75m, towards its $600m campaign for a new Peter Zumthor-designed building to house its permanent collection.
The resort magnate Elaine Wynn, who has been on the museum’s board since 2011 and served as its co-chair since June 2015, has pledged $50m, and A. Jerrold Perenchio, the former chairman and CEO of Univision, has pledged $25m. In November 2014, Perenchio announced a bequest of 47 works of 19th- and 20th-century art from his private collection to Lacma upon his death—valued at $500m and including pieces by Monet, Degas, Picasso and Manet—on the condition that the new building is completed by the end of 2023. Wynn said in a statement that this bequest inspired her $50m pledge, which, likewise, depends on the timeliness of the building project.
“Both Elaine and Jerry understand that the realisation of the new building is essential not only for the museum and its collection, but also for Los Angeles,” said Lacma’s CEO and director Michael Govan in a statement, calling the gifts “a catalyst to encourage others to come on board”.
The museum has now raised $275m for the campaign, which includes the $125m bond unanimously approved by the Los Angeles County Board of Supervisors in November 2014. Construction is due to begin in 2018 on the building, with a planned opening in 2023.