What the Lehman Brothers Meltdown Means for Museums and Art
While everyone is reading about Wall Street’s plunge into a vast, empty wasteland, it’s often difficult to wrap your head around how all of these collapses and sell-offs will affect things beyond just the general concept of “business.” Well, because we post about art, design, and everything in between, we thought we’d point you over to Artnet, which brings the Lehman Brothers bankruptcy into our own neighborhood by explaining how their failure potentially means big changes and/or trouble for both the art and museum worlds. First, Lehman is being forced to sell off Neuberger Berman, owner of “one of the most distinguished corporate art collections.” We’re talking millions and millions here, which, while that side of the company has been profitable, raises the question as to where this collection will go. Second, Lehman has been a huge donor to museums not just in the US, but also in Europe, signing their names (and the checks that go with it) to help put on exhibits in nearly every major museum in New York, as well as in big museums like the Art Institute of Chicago, the Tate Modern, and the Louvre. While this doesn’t mean disaster for any of these museums, it certainly can’t feel good, this regular spigot of funding suddenly disappearing (with likely more twisting to follow).
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Nadine Cheung
Editor, The Job Post
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