LACMA Toasts $300,000 Surplus and Plans Tim Burton Show

LACMA Toasts $300,000 Surplus and Plans Tim Burton Show
Los Angeles County Museum of Art director Michael Govan has plenty to celebrate this week. While other museums in the U.S. continue to flounder amid concerns about fundraising and their endowments, announcing layoffs or gallery closures to help balance budgets, LACMA reported that it ended the fiscal year with a $300,000 surplus and that it would welcome MoMAs blockbuster Tim Burton exhibition next year.

LACMA officials touted the institution’s financial health yesterday, saying that they had managed to raise $29 million despite lingering effects of the lengthy worldwide recession. The museum plans to boost spending by 11 percent next year and hopes to raise $33 million from donors. Still, the Los Angeles Times notes, its investment portfolio has not yet recovered from the 41 percent slide it has taken since its peak in mid-2007. It stood at $114 million as of December, 32 percent below that peak.

While admissions fees account for only a fraction of LACMA’s revenue, the museum no doubt hopes to juice interest in its offerings by presenting the Tim Burton exhibition, which attracted 810,500 visitors to MoMA, making it the third-most-visited show in the museum’s history, behind retrospectives of Picasso, in 1980, and Matisse, in 1992. The show will run at LACMA from May 29 through Halloween, a fitting end date for Goth-inclined show.