Wednesday, June 11, 2014
Mellon Foundation Pledges $10 Million to Detroit Institute of Arts to Help with "Grand Bargain"
The Andrew W. Mellon Foundation is pledging $10 million to the Detroit Institute of the Arts to support the museum's $100 million contribution to Detroit’s bankruptcy "Grand Bargain," an effort to prevent the sale of art to cover the city's financial woes.
The Mellon Foundation will provide the first $5 million up front, but hold the balance until it’s clear the museum can meet the full $100-million target. The museum also is receing$3 million from the Los Angeles-based J. Paul Getty Trust.
“The big point for us is that here was this magnificent cultural treasure that was built with the support of many private individuals and the city,” said Mariët Westermann, vice president of the Mellon Foundation...