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L.A. Bound? Don’t Miss $500 Million Worth Of New Art At LACMA

BY TEAM JST

stcommunities.straitstimes.com Jerry Perenchio LACMA

Photo: Reuters

Billionaire Jerry Perenchio is being very good to LACMA, and we’re all benefiting from it.

News broke on LACMA’s website that the former chairman and CEO of Univision will donate 47 rare paintings – valued at USD $500 million – to Los Angeles County Museum of Art, making it the biggest donation the museum has ever received in its 49-year history.

The billionaire’s collection include works by Claude Monet, Pablo Picasso, Edgar Degas that will be transferred to the largest art museum in the western United States.

Perenchio made two requests before donating his art collection: LACMA must construct a new building to house the artwork and he wanted Swiss architect Peter Zumthor to design the new building.

Last Wednesday, L.A. County supervisor approved $125 million in funding and future finance of new LACMA building. Perenchio’s gift will require an additional $475 million in donation, which will most likely be completed by private donors.

The typically media shy Perenchio decided to go public with his gift to the museum most likely because funding for the new building can use some public attention. He said:

LACMA has made tremendous progress over the past seven years under Michael Govan’s leadership, along with the support of its Board of Trustees and the Los Angeles County Board of Supervisors. With the newly proposed Peter Zumthor building poised to deliver LACMA through the twenty-first century and beyond, I decided now was the perfect time to announce that I intend to leave the most important part of my art collection to the museum. Hopefully, my gift will serve as a catalyst to encourage other collectors to do the same and also stimulate major private donations to ensure that the Peter Zumthor building is built in a timely manner.

LACMA Los Angeles museum exterior

Photo: Facebook/LACMA

Perenchio was born in 1930 in Fresno, California. He relocated to Los Angeles where he worked as a young Hollywood talent agent for MCA and represented such celebrity clients as Marlon Brando, The Monkees, and Elizabeth Taylor. In 1992, he and his partners spent USD $550 million for Univision – an American Spanish language broadcast television network. His 16% stake in Univision is now worth USD $1.3 billion.

Famously known for being extremely media shy despite his stature as a powerhouse in the entertainment industry, Perenchio is also known for being famously generous but can be tough minded. Along with his wife, the couple make large donations toward philanthropical and political initiatives. In 2008, Perenchio was the national co-finance director for John McCain’s presidential nomination. They’ve also contributed toward AIDS research, gay rights, and environmental organizations.

Located on Wilshire Boulevard, LACMA attracts approximately a million visitors annually every year. It holds more than 120,000 works spanning the history of art from ancient times to the present. In addition to art exhibits, the museum features film and concert series.

LACMA plans on showcasing Perenchio’s collection starting in spring 2015.

What do you think of LACMA’s new art collection? Let us know what you think in the comments below.

map lacma museum los angelesSEE IT FOR YOURSELF!

LACMA Los Angeles County Museum of Art

5905 Wilshire Blvd, Los Angeles, CA 90036, United States (map, website)
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Categories: Artists

Author:Jetset Times

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One Comment on “L.A. Bound? Don’t Miss $500 Million Worth Of New Art At LACMA”

  1. March 17, 2015 at 7:02 am #

    It’s an remarkable article in favor of all the online viewers; they
    will get advantage from it I am sure.

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