Source: Bloomberg
Some of the world’s greatest museums are caught in a crisis, and it has to do with where the institutions are getting their donations from.
In recent years, artists featured at some of the world’s most renowned museums themselves have been calling out museums for accepting donations from controversial sources, such as those who have been funded by the Sackler Family, whose wealth is largely linked to selling drugs that contribute to the opioid crisis in America.
Bloomberg reports that though institutions have responded positively and accordingly by refusing further donations from those sources, they are now caught amid a drought of funding and are struggling to make ends meet.
The news source reports that several arts institutions have had to downsize, sell their buildings, or close down altogether because they are unable to find proper, acceptable funding.
“But an aging donor base, changes in the tax code that inhibit charitable giving, and a younger generation that prioritizes environmental and political causes over the arts have forced museums to fight for donations. This isn’t about capital campaigns or new buildings—it’s about keeping the lights on,” writes Bloomberg.
Read Full Story: Bloomberg
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