Peabody Essex Museum Announces $650 Million Advancement Campaign
CAMPAIGN ONE OF THE LARGEST FOR AN AMERICAN ART MUSEUM
-- $550 million in gifts and pledges secured to date
-- $350 million for endowment
-- $200 million for facility expansion designed by Rick Mather Architects
-- $100 million for infrastructure and improvements
SALEM, Mass., Nov. 7, 2011 /PRNewswire-USNewswire/ -- The Peabody Essex Museum (PEM) of Salem, Massachusetts, announces a comprehensive $650 million Campaign designed to advance the museum's mission to celebrate outstanding artistic and cultural creativity in ways that transform people's lives. The museum has received gifts and pledges totaling $550 million during the quiet phase of the Campaign initiated in 2006.
The Campaign includes a $350 million addition to the current $280 million endowment, $200 million for a 175,000-square-foot expansion designed by Rick Mather Architects, and $100 million to support creative new installations of the collection, several infrastructure improvements to existing facilities and other advancement initiatives.
The $350 million endowment increase will cover all increased operating and program costs for an expanded facility; support continued development of the museum's distinctive exhibitions, publications, curatorial and education programs; and enable continuation of a strong financial base.
The expansion will add up to 75,000 square feet of new galleries; a new restaurant and roof garden; new public program and education space; and essential improvements to collections storage, exhibition processing and conservation functions.
Increased gallery space for permanent exhibitions will permit the museum to more effectively present its large and diverse collection — which exceeds 1.8 million works of art and culture — through new installations employing creative interpretive strategies aimed at increasing visitor engagement in art and highlighting connections among artistic and cultural traditions.
After completion of the Campaign in 2016, PEM will rank among the top dozen art museums in the nation in terms of gallery space and annual operating budget and top six in terms of total endowment.
Dan L. Monroe, director and CEO, said, "Building on a legacy that extends back to 1799, PEM is committed to celebrating outstanding artistic and cultural creativity in a global context. Our members, patrons, trustees, overseers, staff, and volunteers have made remarkable investments in the power of art to enrich people's lives and to enhance the world in which we live. We deeply appreciate their dedication and generosity."
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SOURCE Peabody Essex Museum