LACMA Receives $75 Million in Pledges for New Building

LACMA Receives $75 Million in Pledges for New Building

The Los Angeles County Museum of Art has announced gifts totaling $75 million in support of construction of a building for its permanent collection.

The commitments include $50 million from board co-chair Elaine Wynn and $25 million from businessman and philanthropist A. Jerrold Perenchio. The latest pledges, which are contingent on the successful launch of the $600 million project, bring to $275 million the amount the museum has raised in private contributions. LACMA director Michael Govan told the Los Angeles Times he was extremely optimistic the museum will reach its goal of raising $475 million, to be matched by $125 million from the county. Construction of the building, which will replace four of the museum's seven current buildings and house LACMA's vast permanent collection, is scheduled to begin in 2018.

"The old buildings are that — they're old buildings," Perenchio, who in 2014 pledged to bequeath forty-seven works of art worth more than $500 million to the museum, told the L.A. Times. "Great art has to have a great place to be displayed."

"These historic and very generous gifts set the foundations of LACMA's future and will serve as a catalyst to encourage others to come on board," Govan said in a statement. "Both Elaine and Jerry understand that the realization of the new building is essential not only for the museum and its collection, but also for Los Angeles."