Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Krens Payments Cost Jobs at Guggenheim

April 26, 2010 by Marion Maneker

The Guggenheim Museum had to reduce it’s budget by $6 million because of the recession. To make that number, 25 positions were eliminated during 2009. Erica Orden reveals in the Wall Street Journal that at the same time former director Thomas Krens was getting severance payments:

Mr. Krens’s package was delivered in two portions, according to the foundation’s 2008 tax returns. Mr. Krens received a $1 million payment in 2008, and the documents describe a second $1 million payment due in 2009. A spokeswoman for the Guggenheim confirmed that the second payment was delivered last year.

Guggenheim Hit by Payout (Wall Street Journal)

More from Art Market Monitor

  • The Tate's Secret Weapon: OutsetThe Tate's Secret Weapon: Outset
  • Christie’s Aims for Yves Klein Record with FC1Christie’s Aims for Yves Klein Record with FC1
  • Beijing Dealer’s Shanghai Auction Total Drops 60% from Fall Debut to This SpringBeijing Dealer’s Shanghai Auction Total Drops 60% from Fall Debut to This Spring
  • Paris Photo Goes to LA in AprilParis Photo Goes to LA in April
  • Basically Bacon and Beyond (Hirst’s Private Collection)Basically Bacon and Beyond (Hirst’s Private Collection)
  • Damien Hirst, Selling Like a Rock Star?Damien Hirst, Selling Like a Rock Star?

Filed Under: General

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor