The Metropolitan Museum of Art is to delay plans for a $600 new wing in order tobring its finances in order.
The extension to the Fifth Avenue building which was to house modern and contemporary art was to have been ready for the Met's 150th anniversary in 2020.
Funds will instead be prioritised for urgent repairs on the existing building.
The Met is struggling to balance its books by 2020. Cuts to staff and exhibitions were announced in September in an effort to reduce its operating budget by $31 million. In addition efforts are underway to increase retail revenues which declined by over $3 million last year.
Rachel Read
Strategic Director
Rachel is co-founder and strategic director at blooloop. She has a degree in engineering from Cambridge University, is a Chartered Accountant and has certificates in Sustainability Leadership and Corporate Responsibility from London Business School, and Sustainable Marketing, Media and Creative from Cambridge University's Institute for Sustainability Leadership (CISL). Rachel oversees our news, events and sustainability.
