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Metropolitan Museum of Art to Make Staff Reductions, Slow Construction

On March 18, 2016, The Met launched its inaugural season at The Met Breuer, its new space dedicated to modern and contemporary art. Housed in the landmark building designed by the renowned Bauhaus architect Marcel Breuer, The Met Breuer program invites visitors to engage with the art of the 20th and 21st centuries through a range of exhibitions, commissions, performances, and artist residencies all uniquely presented through the global breadth and historical reach of The Met's unparalleled collection and resources.

With this addition, the museum is facing a deficit of $10 million this year, which may even reach up to $40 million if the Met stays on this course.

The new Met Breuer space will cost $17 million each year to run. Architect David Chipperfield will design its new $600 million wing for modern and contemporary art. According to reports, "it reached a settlement in part of a long-running legal challenge to its admissions policy, agreeing to call its $25 full-admission charge 'suggested' instead of 'recommended'".

The museum therefore announced a 24-month financial restructuring which will include staff cuts and slower construction.

Museum director, Thomas P. Campell, said, "We've had increasing pressure on the budget and knew that we were going to have to take actions to get it back in balance."

President Daniel H. Weiss said: "What we're seeking here is ensuring financial stability for core programs and investing in the future. That's the whole point of this plan, to make sure we can do both."

Read more here.

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