David Geffen Gives $100m to NY’s MoMA

David Geffen made one of the largest art sales ever last year when Kenneth Griffen bought two paintings from him for $500m. Now he’s contributing $100m to MoMA to support its expansion:

Three floors of new galleries, created as part of an expansion into the tower being constructed to the west of the museum at 53 West 53rd St., will be named the David Geffen Wing, MoMA said Thursday in a statement. The fourth-floor suite of galleries in the current building also will be named after him, according to the museum.

The entire project is expected to cost about $400 million for new construction and other costs, plus as much as $45 million for renovations to existing structures, MoMA said. Geffen’s gift will be paid over time but “it’s a rapid payout,” Marie-Josee Kravis, president of MoMA’s board of trustees, said in a phone interview.

Geffen Gives $100 Million to Museum of Modern Art for Expansion (Bloomberg)