The Metropolitan Opera in New York pledged two giant Marc Chagall murals decorating the theater foyer to secure a long term loan amid financial difficulties. The cause was a sharp drop in donations and asset values during the global crisis. Earlier the theater had already canceled four productions and cut executive salaries to fit a 291 million dollar budget.
On the eve of this, the leading U.S. opera house, the Metropolitan Opera, located in New York, pledged two giant panels by Marc Chagall, which adorn the building’s foyer, in exchange for securing a cash loan.According to the theater’s general manager, Peter Gelb, the fund made up of donations that helped support the Metropolitan Opera’s operations has sharply declined amid the global financial crisis because of falling stock prices. The number of donations themselves has also fallen significantly.
Metropolitan Opera spokesman Peter Clark said on Monday that the theater used the two panels, measuring 9 by 11 meters, to obtain a “long-term loan.” He did not specify what amount the lenders valued the artworks at, the artist having called them “The Triumph of Music” and “The Sources of Music.”
Earlier, the Metropolitan Opera canceled four productions scheduled for the 2009-2010 season and cut senior management salaries by 10% in order to stay within its annual budget of $291 million.