The Tate Modern has signed a landmark sponsorship deal with the Hyundai Automobile Corporation, an 11-year commitment to commissions for the museum’s Turbine Hall, making it the largest corporate partnership the organization has ever agreed to.  “These commissions have been reflecting major steps, major transformations, major disruptions in the history of contemporary art,” says Tate Modern Director Chris Dercon. “Contemporary art is evolving in a different way than just materials and methods. We are faced with a global world of art.” (more…)

A coalition of 9 national and local foundations has agreed to pay $330 million to help stabilize the city of Detroit’s pension plans, taking a major step in preventing the sale of the Detroit Institute of Arts‘ collection.  Even so, the city has several hurdles to get past before the deal to get the Institute’s collection off the table.  “There are many things that could still go wrong,” says Alberto Ibargüen, president of the John S. and James L. Knight Foundation. “The devil is always in the details in these things.” (more…)

Colorado collector and philanthropist Frederic C. Hamilton has bequeathed a collection of French Impressionist works to the Denver Art Museum.  The works, which include pieces by Vincent van Gogh, Paul Cézanne, and Gustave Caillebotte, have not been formally appraised, but could be worth up to $100 million.  “This is a game-changing gift,” said DAM director Christoph Heinrich. “We will have the biggest collection in the West of Impressionist art.” (more…)

Collectors Keith and Katherine Sachs, longtime supporters of the Philadelphia Museum of Art, have endowed the institution with 97 works by Jasper Johns, Ellsworth Kelly, Brice Marden and Gerhard Richter, among others, valued at over $70 million.  This museum has always been committed to contemporary art,” said Museum Director Timothy Rub. “Now, with the Sachs gift, we will have one of the best collections of contemporary art in the country. It’s transformative.” (more…)

A once Nazi-looted painting has been returned to its rightful owner, who in turn donated it to the Los Angeles County Museum of Art.  The donation is a rare occurrence for looted works, which are often sold to cover inheritance claims.  The 17th century Baroque portrait by Bernardo Strozzi was installed Monday on the third floor of LACMA. (more…)

Concluding his October residency on the streets of New York, street artist Banksy has unveiled his last work, the donation of a painted canvas to the Housing Works thrift store in Gramercy Park.  Titled The Banality of the Banality of Evil, the canvas features a man in a Nazi uniform viewing a classically rendered mountain vista, and is being auctioned off to benefit the Housing Works organization.  So far, bids have already reached over $200,000.  “Most New Yorkers have been watching pretty closely what he’s been doing for the past 30 days,” said Housing Works director of PR Rebecca Edmondson. “There has been controversy. But it’s great to end on such a high note by giving back to the New York community.” (more…)

The ongoing government shutdown has had far-reaching implications for national museums and galleries, many of which rely on major donations from private patrons to keep their doors open the rest of the year.  Unable to welcome important guests or potential donors, the current shutdown has kept museums like the National Gallery of Art from attracting new donors (whose contributions make up to 30% of the institution’s operating budget).   (more…)

The sense of alarm surrounding the Detroit Institute of Arts is taking its toll on the museum, the New York Times reports.  Concerned about the future of the museum’s collection, some wealthy patrons are less likely to donate works to the institution, and museum staff are dealing with consistently low morale.  “We can take the threat. It’s the uncertainty we can’t stand. It’s the uncertainty that is clouding everything we do.”  Says Director Graham W.J. Beal. (more…)

Dealer Virginia Dwan, who earned a reputation for her ongoing support and collection of a number of pioneering “Land Art” works during the 1960’s and 70’s, has pledged the donation of 250 works from her collection to The National Gallery in Washington.  Among the works donated are Marcel Duchamp’s iconic recreation of the Mona Lisa with a mustache drawn on, and Michael Heizer’s Double Negative, a monumental piece in the Nevada desert.  “I want the collection to have the largest audience of people possible, not just art world types who have a to-do list.”  Dwan commented. (more…)

A major legal battle over the estate of copper heiress Huguette Clark has reached a settlement, with the Corcoran Gallery of Art receiving a large share of Clark’s fortune, including $10 million in cash, half the proceeds from the sale of Monet’s Water Lillies, and a seat on the board of a new national arts foundation.  “We’re going to be very guarded with these funds,” said Corcoran President Peggy Loar. “This will help our operating situation, but very carefully.” (more…)

Philanthropist and collector Leonard A. Lauder, who recently donated an impressive selection of early Modernist works to the Metropolitan Museum, has added another masterwork to his gift, Fernand Léger’s The Village.  “Leonard Lauder is dedicated to creating the greatest collection of Cubist art in the world and to ensuring that these works will be accessible to the millions of people who visit the Met.”  said Museum director and CEO Thomas P. Campbell. (more…)

With the Eli Broad Museum set to open across the street from MOCA sometime next fall, the high-profile collector and patron has announced his intentions to withdraw his annual contribution of $3 million to MOCA, effectively stepping back from his longtime role as the museum’s leading supporter.  Even so, Broad has expressed excitement about the potentials for his museum and its effects on MOCA, noting that it will increase the draw of art lovers to the area.  “They’re excited about it. They know that we’re going to be a great attraction, we’re going to spend time and energy and marketing getting attendance, and they’re going to be the beneficiary of all that,” he said. (more…)

From Cy Twombly to Robert Rauschenberg, artist foundations have been seeing a high number of internal turmoil, as trustees and advisors lob claims of unpaid compensation, outlandish salaries, and nepotism that place the foundations’ ostensibly noble missions into question.  “The private foundation world is a wild, wild west,” said Trent Stamp, founding president of Charity Navigator, which evaluates nonprofits. “There’s an opportunity for great abuse.” (more…)

The LA Times traces the path of 8 Cézanne canvases originally intended for donation to the White House, and the political maneuverings that eventually sent the majority of them to the National Gallery. Through a series of closed door meetings and forceful persuasion, then chief curator John Walker III convinced the donors (who had previously intended to give the works to the White House), to instead donate them to his museum.  “I still feel ashamed,” Walker once wrote. “I behaved abominably and frightened a dear friend nearly to death.”   (more…)

Israeli Shipping mogul Eyal Ofer has made a £10 million donation to the Tate Modern, bringing the museum within reach of its £215 million fundraising drive to fund a major expansion program. “I am delighted that the Eyal Ofer Family Foundation has chosen to make such a major contribution towards Tate Modern’s future.” Says Sir Nicholas Serota, the Tate’s current director. “It is exciting to see such outstanding philanthropy continuing from one generation to the next. The generosity of Eyal Ofer and his family will help to make Tate Modern a truly 21st-century museum.”  (more…)

The future Pérez Art Museum Miami has received a large contribution from an anonymous donor, the museum announced this week.  The donation will see the museum getting $12 Million in cash, and $3 Million in art.  “I can say almost nothing about it except that I’m thrilled,” said Museum Director Thom Collins. (more…)

Storming back from its brush with financial insolvency earlier this year, the Museum of Contemporary Art in Los Angeles has announced that it has raised over $50 Million in the past month, bringing its total endowment past $75 Million.  The new contributions come from a number of prominent names, including new board member Bruce Karatz, Jeffrey Soros, and Eli Broad.  “The level of support we have received is fantastic. There is a new energy and excitement about MOCA’s future and its leadership role in the art world,” says Eugenio Lopez, co-chair of  the endowment campaign. (more…)

Juan Gris, Figure Seated in a Café (Man at a Table) (1914). via New York Times

Leonard Lauder, the former chairman of Estée Lauder and a noted collector of early 20th century art, has donated a vast collection of Cubist works to the Metropolitan Museum of Art, valued at more than $1 billion. (more…)

Billionaire hedge fund manager Steven A. Cohen has donated a selection of works to the Museum of Modern Art, including paintings by Cy Twombly, Ed Ruscha and Martin Kippenberger.  The gifts come while Cohen is currently under investigation by the U.S. Government for allegations of insider trading. (more…)

Late art historian and collector Denis Mahon has left 57 works, valued at over £100 million, to the British nation, including many works by Italian masters Guercino, Guido Reni and Luca Giordano, under one condition: Britain must never sell them or charge admission for their viewing.  Mr. Mahon reportedly built his collection without paying more than £2,000 for most of his works, and was adamant on their public accessibility.  If these conditions are not met, public arts institution The Art Fund is legally able to take them back; an attempt to “keep up the pressure for governments to do the right thing by museums and galleries” says Art Fund Chief Executive Stephen Deuchar. (more…)

Financier and art collector Richard Hollander has donated a large block of photographs by the prominent photographer Edward Steichen to a trio of U.S. museums, ensuring that the artist’s work will be available to the public across the United States.  The photographs were purchased at directly from Steichen’s estate, and will be given to the Whitney Museum, the Los Angeles County Museum of Art, and the Block Museum in Chicago.  “I’ve gotten the bug,” Hollander said. “Now I want to share my vision.” (more…)

The late Lucian Freud has left a number of works from his collection, including a late work by Jean Baptiste Camille Corot and several sculptures by Degas, to Great Britain as a token of gratitude for the country’s welcoming of his Jewish family, who fled Nazi Germany in 1938.  The Corot work is now on view at the National Gallery, in room 41.  “Although we have a very strong collection of Corot’s works, we have no example of a late figure painting like this,” says National Gallery director Nicholas Penny. “Its rough-hewn monumentality and abrupt transitions anticipate Picasso’s exercises in the classical manner and make it one of the most modern looking pictures in the collection.” (more…)