The Met Collateralizes Its Marc Chagall Works

December 25th, 2014

The Metropolitan Opera, currently in need of cash, has collateralized two of its Marc Chagall works as part of a line of credit from Bank of America.  The organization has placed The Triumph of Music and The Sources of Music as collateral, both of which hang in its lobby, until it can balance its budget. “Recent changes at the Met – including the implementation of our historic new union agreements, and a program of institution-wide cost controls – are expected to lead to balanced budgets in fiscal year 2015 and fiscal year 2016 while significantly strengthening the long-term financial prospects of the institution,”  says Met spokesman Sam Neuman.

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