In a press release yesterday, the Los Angeles County Museum of Art announced that it has received two huge private donations to kick off the next phase of the effort to build its new Peter Zumthor-designed permanent collections building.
Elaine Wynn, co-chair of LACMA’s Board of Directors, has pledged $50 million…and A. Jerrold Perenchio added a $25 million pledge to his original commitment to LACMA of 47 works of art worth more than $500 million. Both pledges are contingent on the successful launch of the project.
In the press release, Wynn – a co-founder and former director of Wynn resorts, and a LACMA trustee since 2011 – said, “I was inspired by Jerry Perenchio’s bequest of the most significant works of art in his collection to the museum and the County’s commitment in 2014 to create a world-class museum for LACMA’s permanent collection.” Perenchio, a former television producer and later CEO of Univision, Inc., said, “I am very pleased with the progress being made on this project and look forward to the realization of this beautiful building. It is my hope that our gifts will encourage other major private donations.”
“These historic and very generous gifts set the foundations of LACMA’s future and will serve as a catalyst to encourage others to come on board,” said Michael Govan, LACMA CEO and Wallis Annenberg Director. “Both Elaine and Jerry understand that the realization of the new building is essential not only for the museum and its collection, but also for Los Angeles.”
The museum reports that pledges for the project now total $275 million. In November 2014, the Los Angeles County Board of Supervisors unanimously approved a $125 million contribution and future financing (pending the Environmental Impact Report certification and the building approval), to be matched by $475 million in private support.
The planned new building will replace four of the museum’s current seven buildings, and is intended to present LACMA’s vast and wide-ranging permanent collection. Construction is scheduled to begin in mid to late 2018, with a 2023 opening.
