Met Museum donation of $ 125 million kicks off transformation of Modern Art Wing
On Tuesday, the Metropolitan Museum of Art announced a principal donation of $ 125 million, the largest capital donation in the museum’s history, to renovate its modern and contemporary art wing. Donors Oscar L. Tang, a Met administrator, and his wife, Agnes Hsu-Tang, art historian and archaeologist, will carry their names on the wing for at least 50 years.
Energized by the historic donation, the Met will finally move forward with a project proposed several years ago that will provide space for a broader view of modern art, now including the Leonard Lauder collection of cubism, in addition to increased works of women and artists. colored. A redesigned footprint with 80,000 square feet of galleries and public spaces will cost around $ 500 million in total, according to the museum, with an architect to be announced at a later date.
The impacts of the pandemic led the Met to forecast a shortfall of $ 150 million last year, and budget cuts were made, including layoffs. This week, the museum’s president and CEO, Daniel H. Weiss, told the New York Times that fundraising for the project was not an issue. “We know what it’s going to cost more or less to build it, to staff it,” he told The Times. âOur finances are very stable.
Tang, a retired financier, was the first Asian American to join the Met’s board of directors 30 years ago. His wife, Agnes Hsu-Tang, academic and cultural heritage policy advisor, was recently elected chair of the board of directors of the New-York Historical Society.