MOCA Celebrates Fundraising Success

Published: September 25, 2009

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LOS ANGELES—After a year of financial difficulties, the Museum of Contemporary Art, Los Angeles (MOCA), has announced that it has successfully raised almost $60 million since December, when its endowment had contracted to about $6 million, down from $42.7 million in 1999.

The funds came from a variety of sources — $16.4 million in trustee gifts, $6.7 million from an annual fund, $3.8 million in trustee dues, and $3 million from individuals — though local philanthropists and art collectors Eli and Edythe Broad contributed roughly half of the revenue, making a $30 million pledge through their Broad Art Foundation.

The museum also announced the addition of seven new board members, including art collector Gilbert B. Friesen and Hard Rock Hotel & Casino founder Peter Morton, who both quit the board after news of the financial distress broke out of protest over management disagreements.

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Charles E. Young, MOCA's chief executive, expressed guarded optimism about the state of the museum, telling the Los Angeles Times, “I think it means we’ve come a long way, and we’ve got a long way to go,” he said. The museum has scheduled a gala for Nov. 14 that it hopes will raise $3 million. The event will feature a performance starring Lady Gaga from artist Francesco Vezzoli. Dealer Larry Gagosian and Russian arts patron Dasha Zukova will serve as honorary chairs of the event.

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