Look out for a couple of openings - the Olmec Exhibit at the De Young on Friday (more about that tomorrow after I attend the preview) and Bali later on in the month at the Asian
At the Asian: Asian Art Museum Finalizes Plan to Restructure Debt Plan Approved by All Parties-Implementation to Begin Immediately (from the press release)
"First, there is a restructuring of the rate and term of the Foundation’s bonds. JPMorgan Chase will extend a loan at a low fixed-rate of 4.60% to replace the existing variable rate bonds. Also, the term of the bonds is extended to 30 years (versus current 23 years), and a portion of the principal on the new bonds is deferred in the first two years to allow “breathing room” while the Foundation is restored to full financial health.
A second component of the proposal includes a reduction in the total loan principal and a return of funds to the Foundation. In addition to the benefits from the restructured bond’s rate and term, the Foundation receives upfront cash concessions of $21 million, thereby reducing the outstanding principal amount to $99 million from approximately $120 million, or a reduction of 17%. Also, the current Swap agreement created in 2005 is canceled and the collateral (with a current balance of $13 million) will be returned to Foundation.
The third element requires the Foundation to launch a three-year capital campaign. The first $20 million raised in new unrestricted philanthropic commitments will be required to close the gap (assuming 6.0% return). Funds raised above and beyond this amount could be used to build the museum’s endowment or fund strategic initiatives."
http://www.asianart.org/pressroom/debtrestructure.htm
Some wonderful videos and wonderful behind the scenes views of the upcoming exhibit on Bali at the Asian
Two great shows at the Berkeley Art Museum; Turner and Quing Dynasty Painting. (also an interesting show of Eva Hesse's unfinished pieces from her studio)
Reviewed here: http://www.examiner.com/museum-in-san-francisco/eva-hesse-at-the-berkeley-art-museum-on-wednesday-review
http://www.bampfa.berkeley.edu/
Culture Grrl reports that the St Louis Art Museum takes legal action to keep its Egyptian mummy mask: This is one of the many items that Zahi Hawass has claimed belong in Egypt. The piece was purchased in 1959 and the statute of limitations for Egypt to claim it has run. She also has a update on the destruction and looting in Egypt
http://www.artsjournal.com/culturegrrl/
Another attempt to prevent the Barnes museum from being moved:
http://www.artsjournal.com/realcleararts/2011/02/barnes-court-fight.html
Comments
more on the Barnes via AP: Opponents of a plan to move The Barnes Foundation's legendary art collection to Philadelphia are asking a judge to reopen the case.
The Friends of the Barnes Foundation want to halt the Barnes' move from suburban Lower Merion.
In court documents filed Thursday, they accuse former Attorney General Mike Fisher of misconduct. They say he should have been a neutral party but instead was a "major player" in enabling the Barnes' move by pressuring its trustees.
The opponents say statements by Fisher and then-Gov. Ed Rendell in the 2009 documentary "The Art of the Steal" shed new light on what happened behind the scenes.
The Barnes galleries are slated to close in June and reopen next year in a new building near the Philadelphia Museum of Art.
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