L.A. Museum Inherits $500 Million in Artwork
Eighty-three-year-old Jerry Perenchio announced at his Bel-Air home on Wednesday that he plans to give away at least 47 works of art valued at $500 million to the Los Angeles County Museum of Art. “L.A. is my home, and I wanted to leave it to a museum here,” he said.
The bequest, which would go into effect after his death, comes with one caveat: The museum must first complete the construction of its new building, which is planned for 2023. Although significant hurdles remain before the construction can begin, the Los Angeles County Board of Supervisors approved a concept plan that provides public financing and $125 million toward the $600 million project.
The bequest from Perenchio comprise of 19th and 20th century works of art and would be a noteworthy addition to the museum’s holdings. “The terrific paintings by Monet, Leger and Magritte, fore example, will add important dimensions to canvases by those artists already in LACMA’s collection.”
See David NG and Suzanne Muchnic, Why A Reclusive Billionaire Decided to Give $500 Million in Art to L.A. Museum, L.A. Times, Nov. 6, 2014.