One of the lasting mysteries of the current art market is why the wealth created in Silicon Valley has not become interested in art to the extent that finance money has or older collectors who made fortunes in real estate have. Could it be that center of the tech universe is simply lacking a major institution that can help drive interest and anchor the collecting habits of the new billionaires?
Bloomberg’s report today that SFMoMA has all but finished its fundraising campaign around the massive expansion that will house the
The biggest museum fundraising campaign in San Francisco history is nearing its $610 million goal two years before the opening of a new wing that will more than double the space for artworks by Andy Warhol, Mark Rothko and David Hockney.
About $570 million, or 94 percent, has been raised by the San Francisco Museum of Modern Art for its 235,000-square-foot (21,800-square-meter) expansion and to add $245 million to the museum’s endowment. The $305 million wing designed by the Snohetta architecture firm is rising behind SFMOMA’s current home, opened two decades ago in the technology-heavy South of Market area, or SOMA.
San Francisco Museum Nears $610 Million Fundraising Goal (Bloomberg)