As Museums Struggle, LA's MOCA Seeks Merger
MoCA holds talks with other institutions as endowment dries up
By Jason Farago,  Newser Staff
Posted Nov 21, 2008 7:36 AM CST
The endowment of the Museum of Contemporary Art in Los Angeles has lost more than 75% of its value this decade.   (Flickr)
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(Newser) – The Museum of Contemporary Art in Los Angeles, one of the nation's leading modern art galleries, is holding talks with other LA institutions about a possible merger. MoCA has already announced a 10% cut in staff and the temporary closure of 50% of its exhibition space. For the New York Times, the talks highlight the dire straits of nonprofit institutions in the financial crisis: endowments are shrinking while donations have become smaller and scarcer.

MoCA's endowment has shrunk from more than $40 million in 2000 to less than $10 million now. The museum has spoken to the Los Angeles County Museum of Art, the University of Southern California, and the LA financier Eli Broad about possible partnerships. Broad said that he is eager to see MoCA retain its independence and wants to help, but he added, "Clearly, the budget's going to have to be reduced."