LACMA Presented With Big Donation
Jerrold Perenchio, former Univision Communications Chairman and CEO, made a $500 million promise to the Los Angeles County Museum of Art today.
The 83 year old said his will includes a donation of at least 47 paintings valued at $500 million. This is the largest donation in LACMA’s 53 year history.
“L.A. is my home, and I wanted to leave [the 47 paintings] to a museum here,” said Perenchio in a press release Thursday.
The donation will only happen once LACMA finishes constructing a 400,000 square foot museum campus. Construction is set to begin in 2023. Perenchio’s collection features work from artists like Picasso, Monet and Degas.
“Gifts of this magnitude are incredibly rare, especially in the fields of Impressionist and Modern art,” said Michael Govan, LACMA CEO and Wallis Annenberg Director, in a statement on LACMA’s website.
The County Board of Supervisors approved $125 million to fund the LACMA campus construction that will display some of Perenchio’s 47 donated pieces.
In a news conference, Perenchio said he went public with his donation because he thought it would help raise more money for the new museum building.
More details about the LACMA announcement to come.