Über-collector Eli Broad to build new Contemporary Arts Museum bearing his name in Beverly Hills

November 24th, 2008

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Eli Broad, Billionaire Philanthropist and Art Collector, via LA Times

In an apparent reversal from his statements earlier this year, billionaire philanthropist and patron of the arts Eli Broad is now opening a 25,000 square foot museum in the new headquarters for his eponymous foundation, the Broad Art Foundation.  This news comes just nine months after the Los Angeles County Museum of Art opened the 60,000 square foot Broad Contemporary Art Museum, built through $56 million dollars provided by Mr. Broad, proprietor of a 2,000 piece collection of post-war art.  Jean Michel Basquiat, Jasper Johns, Andy Warhol, and Damien Hirst figure among the many seminal artists whose works are owned by the foundation.  Eli Broad had been outspokenly calling the art market bubble for some time now and recent auction performance in the past month or two has proved him to be somewhat prescient.   Broad has felt that the market is returning to normal levels perhaps as he has recently been reinvigorating purchasing activity.  Mr. Broad’s most recent acquisitions include: Bantam by Robert Rauschenberg ($2.6 million), Wishing Well by Jeff Koons ($2.2 million), and Desire by Ed Ruscha ($2.4 million), all acquired at Sotheby’s Contemporary Art Evening Sale on November 11th (as covered by AO here).

The new facility would include the proposed museum, administrative headquarters for his organization, and storage for the pieces of his collection that aren’t on loan to museums. “We want a new headquarters, a space to have works that are not on loan to others at any given moment available for study by curators and scholars,” the foundation’s spokeswoman said in an article published in Bloomberg.  Broad has expressed that he would like the new headquarters to open within 3 years.

Gensler has been designated as the architect and consultant on the project, with a site in Beverly Hills and two other undisclosed locations under review. The Beverly Hills location would be at the corner of Wilshire and Santa Monica Boulevards, a few miles away from the LACMA museum that bears his name. Some observers question whether the new museum would introduce too much competition to existing contemporary arts venues, especially the Broad Museum at LACMA and the Museum of Contemporary Art (MoCA), where Broad was a founding trustee. MoCA especially is in a very fragile position: the museum is in a severe fiscal crisis after suffering huge losses to its endowment in the recent market downturn.  Broad has announced a plan to provide $30 million to MoCA over several years to help keep the museum from closing.

The Broad Art Foundation
Los Angeles County Museum of Art
Eli Broad Plans Another Art Space
[New York Times]
Broad Decides to Build His Own Museum [New York Times]
Billionaire Broad Proposes Beverly Hills Art Museum [Bloomberg]
Eli Broad’s Museum to Keep Art Out of `Basement’ [Bloomberg]
Eli Broad’s art collection needs a home, so he’ll build it [LA Times]
MOCA faces serious financial problems [LA Times]
Saving MOCA: Eli Broad offers $30 million to MOCA in Op-Ed [LA Times]
Eli Broad to Build Museum in Los Angeles
[ArtForum]

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Untitled (2003) by Cy Twombly, via Broad Art Foundation

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Recently purchased by Eli Broad, Wishing Well by Jeff Koons, via Sotheby’s

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Recently purchased by Eli Broad, Desire by Ed Ruscha, via Sotheby’s

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Interior with African Mask by Roy Lichtenstein, via Broad Art Foundation

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Michael Jackson and Bubbles by Jeff Koons, via Broad Art Foundation

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Rabbit by Jeff Koons, via Broad Art Foundation

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I…I’m Sorry by Roy Lichtenstein, via Broad Art Foundation

BUSINESS PEOPLE

The Buffalo News (Buffalo, NY) January 4, 2004 The Roswell Park Alliance Foundation, a not-for-profit organization formed to receive and administer funds to support scientific and clinical research, medical care and patient related activities at Roswell Park Cancer Institute, named Frederick R. Dentinger to its Board of Trustees. Dentinger is founder and executive vice president of Humpfrey and Vandervoort, an insurance firm. The foundation named Peter O’Keefe to the Community Advisory Board, a membership group of fund-raising volunteers committed to supporting RPCI. O’Keefe founded O’Keefe Shaw and Co., an Amherst- based brokerage and investment advisory firm.

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Quiller and Blake, an advertising agency located in Buffalo, named Stacy Wilkinson account executive. Previously, Wilkinson was with IBM Rational Software Group in Massachusetts.

The Business Council Insurance Fund named Donna S. Farrell an account executive for Western New York. Previously, Farrell served as vice president for group sales for MGM Associates of Rochester. Farrell is based in Penfield. First Niagara Bank named James Roland assistant vice president, small business at the new downtown Buffalo banking center. A graduate of the University at Buffalo, Roland previously served as a staff accountant at Wagner Noble and Co. in Charlotte. go to site new york state department of education

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