The future of Museums and Galleries are uncertain as for now, numerous cultural institutions are facing financial crises and are experiencing difficulties in their overall operations after the lockdown caused by the Coronavirus.
Due to the Coronavirus pandemic that is still in continuation for almost a year now, Art galleries and Museums are under temporary closure. This means no visitors, no cultural events, and thereby no revenue generated at all.
How Art Funds receives Investments?
The major investors in Art Funds are generally Insurance companies, University endowments, pension funds, and a few privately-owned financial institutions & firms. The organization that recommends the leadership of institutions across the country “The American Alliance of Museums” stated that after the Coronavirus their members are going through a huge loss of around $30 million in a day.
3 Famous and Oldest Museums moving towards a Permanent Closure
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Florence Nightingale Museum
London’s 40 year-old Florence Nightingale Museum is one of the most known names in the sector of Museums and Galleries. Florence Nightingale Museum is the only museum in the world who’s more than 98% of the revenue is self-developed, by selling tickets and products from their own merchandise. Now it’s obvious that under this pandemic time their source of income/funding is almost zero and this being the major reason this Museum can go under the permanent shutdown.
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The Metropolitan Museum of Art
The Metropolitan Museum of Art is an almost 150 year-old Museum in Paris, France. This Museum generates a good amount of revenue on its own, around 70%, and also receives a huge amount of funding from Art funds, endowments, insurance companies & also supported financially by the Government. The Metropolitan Museum of Art has claimed they have suffered a huge loss of around $100 million after the situations caused by Coronavirus as they are not getting even 1/4 amount through various fundings, they used to receive previously.
Related : 463 New Masterpieces Embellish the Detroit Institute of Arts
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The Akron Art Museum
The Akron Art Museum which is situated in Ohio, United States was first opened in 1922. This Museum is also very much dependent on fundings through Art Funds which they are not getting after the coronavirus, for obvious reasons we all are aware of. According to the CEO Mark Masuoka, they are having an overall revenue loss of around $9, 40,000 from the past year.
The $2.2 trillion of funding was raised under the CARES Act to support the American Museums. According to the report from The Art Funds small and medium cultural institutions will be the ones who will suffer the most in this pandemic. So far the charity has hardly helped 20% of applicants applying for emergency funds.
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