Another museum in the fight against financial difficulties in taking steps that threaten the loss of the status of non-profit organization

One of the famous New York museums - the Museum of Chelsea was forced to close, while until September because of financial difficulties. Established eight years ago through the merger of six galleries, the museum has long been a "mecca of modern art" Chelsea neighborhood in New York, invariably involving his collection of collectors, curators and sponsors. Now the leadership threatens foreclosure earlier premises galleries. Moreover, to finance the loan, the museum Chelsea recorded their permanent collection in indirect property, which also can be laid. Laying the art, the museum runs the risk of being accused of violating the statute of museum organizations and deprived of the status of a non-profit institutions.

To avoid this outcome, the management of the museum filed for bankruptcy in August. It remains unclear whether it is a real bankruptcy, or a way to cope with the obligations to the lender Hudson Reality Capital, which the museum Chelsea owed about $ 13 million.

material prepared by Mary Onuchina, AI

Sources: artinfo.com , bloomberg.com , artinvestment.ru

PS On this topic see also:
Can museums exhibits sell?
University does not offer to sell his collection