Art Market Monitor

Global Coverage ~ Unique Analysis

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

The $600,000 Museum Director

November 22, 2010 by Marion Maneker

Katya Kazakina drops the bombshell that former Guggenheim Director Thomas Krens is making three times his successor’s salary in a development deal for the museum’s overseas expansions:

On Friday, the foundation disclosed in its 2009 tax return that it paid Krens’ company, Global Cultural Asset Management, $816,295 last year for overseeing plans to build a Guggenheim in Abu Dhabi. Krens also received a second and final $1 million installment of a $2 million bonus and severance awarded when he resigned as the Guggenheim Foundation director in 2008.

Richard Armstrong, current director of the Solomon R. Guggenheim Foundation and Museum, received $612,550 in his first full year in the post, according to the tax return. […] Armstrong’s pay is comparable to chiefs of some other, much smaller New York museums, based on their most recent tax returns. The Guggenheim’s $61 million budget is five times that of the New Museum of Contemporary Art on the Bowery, yet his compensation is comparable to the $600,430 listed for Lisa Phillips, the New Museum’s director. And Armstrong earned less than the $680,097 attributed to Adam Weinberg, director of the Whitney Museum of American Art. The Guggenheim’s budget is nearly double that of the Whitney.

Guggenheim Pays Former Chief $1.8 Million, Triple Salary of Current Head (Bloomberg)

More from Art Market Monitor

  • How to Solve Greek Problems? Return the Elgin MarblesHow to Solve Greek Problems? Return the Elgin Marbles
  • Lindemann: The Whitney Could Have Used a KrensLindemann: The Whitney Could Have Used a Krens
  • Daskalopoulos Doesn’t Live with ArtDaskalopoulos Doesn’t Live with Art
  • Russian Guggenheim Board Member Takes LeaveRussian Guggenheim Board Member Takes Leave
  • This Is What the Buyer of the Leonardo Is Paying ForThis Is What the Buyer of the Leonardo Is Paying For
  • Artelligence for April 10, 2018Artelligence for April 10, 2018

Filed Under: Museums Tagged With: Guggenheim

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