Art Market Monitor

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Broad Rent

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Mike Boehm reports that Eli Broad has come across with a $7.7m offer for a 99-year lease in Santa Monica, one of the three contending sites for Broad’s new museum:

Broad persuaded Los Angeles County Supervisor Mike Antonovich, the only public official on record opposing his previous request to lease it for a token dollar a year. “We are pleased he has agreed to pay the fair market value on the property,” Antonovich’s spokesman, Tony Bell, said Tuesday. “The supervisor is satisfied. He would support the effort at this point.” […] The $7.7-million offer came as the board of commissioners of the City of Los Angeles’ Community Redevelopment Agency, which owns the land and would need to approve any lease, prepares to take up his museum proposal at its meeting Thursday.Continue Reading

Broad Goes Downtown

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Nicolai Ouroussoff fingers downtown LA as the site for Eli Broad’s new museum in the New York Times:

according to several people directly involved in the project, who asked not to be named because they are not authorized to speak about the matter or have signed confidentiality agreements, Mr. Broad has been pursuing development of the downtown site, next door to the Walt Disney Concert Hall, for several months now.

Early this year the Los Angeles architect Thom Mayne began working on a design for the downtown site at Mr. Broad’s request. Continue Reading

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