David Geffen Gives $100 Million to Museum of Modern Art

David Geffen Gives $100 Million to Museum of Modern Art

The Museum of Modern Art in New York City has announced a $100 million gift from David Geffen in support of a $440 million renovation and expansion project.

In recognition of the largest gift to date to the museum's capital campaign, three floors of galleries in a new tower currently under construction will be named the David Geffen Wing, while a fourth-floor suite of galleries in the current building will be named the David Geffen Galleries. With Geffen's unrestricted gift, MoMA has met its $650 million campaign goal for the project, which will increase gallery space at MoMA by fifty thousand square feet and improve circulation throughout the museum. According to the New York Times, MoMA will keep the campaign open to raise funds for its endowment and operating expenses during construction, when it expects revenue from admissions and special events to decline.

Geffen has been a longtime supporter of the museum, donating and lending important artworks from his collection over the years. In December 2015, he gave $100 million to Lincoln Center for the Performing Arts for the renovation of performance space formerly known as Avery Fisher Hall, and he has made significant gifts to the Los Angeles County Museum of Art, to establish the Geffen Contemporary at the Museum of Contemporary Art, and toward the creation of the Academy Museum of Motion Pictures. According to the Times, Geffen ultimately will leave his art collection, valued at more than $2 billion, to his foundation, which will donate the pieces to other institutions or sell them and use the proceeds to support his main causes — culture, medicine, and education.

"When I worked in the mailroom at the William Morris agency, I used to brown bag it at the sculpture garden of the Museum of Modern Art," Geffen told the Times. "It's where I developed my interest in post-World War II art."

"David Geffen Makes $100 Million Gift to the Museum of Modern Art." Museum of Modern Art Press Release 04/21/2016. Robin Pogrebin. "Museum of Modern Art Receives $100 Million From David Geffen." New York Times 04/21/2016.