47.8 F
New York
Thursday, March 28, 2024

NY’s Met Museum Pays Out Huge Salaries & Bonuses Despite Losing Millions a Year

Related Articles

-Advertisement-

Must read

By: Veronica Kordmany

As the world-famous Metropolitan Museum of Art of New York City collects money through donations, membership fees, and admission fees, one would think most of the money would go to the production of and the preservation of some of the most sacred pieces of art in the world. But recent investigations show that instead, most of the Met’s money goes into the pockets of its top executives.

President Daniel Weiss got a 25 percent increase in 2018 to $955,473, up from $760,291 the year before. His total compensation, including a housing allowance, came to $1.2 million, according to the Met’s just-released tax filing.

Newly hired Museum Director Max Hollein, who only started working at the Fifth Avenue institution on Aug. 18, 2018, got a $250,000 bonus on top of his $401,317 salary and a housing allowance. His total compensation for less than five months work came to $764,093, the tax filing shows.

The Met paid Lauren Meserve, the chief investment officer, a $581,964 bonus on top of her $643,371 salary, for a total of $1.6 million.

When The Met’s financial crisis led to Director Thomas Campbell being forced out in 2017, he walked away with a $2.1 million golden parachute.

Where does the money come from? Well, the museum received $26.8 million in taxpayer cash from New York City last year.

Yet while the museum throws around all of this money, it also loses a large portion of money. The museum ended the 2019 fiscal year with a $1.9 million deficit, according to its latest annual report for the year ending June 30, 2019. The report noted the loss was an improvement from the previous year’s disastrous deficit of $8.3 million. Two years ago, the museum cut staff and offered buyouts in the face of a deficit that came to $10 million.

The museum’s financial crisis has prompted it to lash out at taxpayers, as it has begun requiring out-of-town visitors to pay $25 to enter. New Yorkers can still pay what they wish. The museum brought in an extra $7 million in admissions revenue last year, mostly due to the entry-fee policy change and “a strong exhibition schedule,” according to its annual report. The number of visitors last year totaled 7 million.

In October 2019, the museum sold Campbell’s Fifth Avenue apartment for $5.6 million. It also sold off $6.1 million worth of artwork in his possession.

A Met spokesman declined to comment on the salary increases and said the museum was “on target to have a balanced budget for the fiscal year.”

balance of natureDonate

Latest article

- Advertisement -