Thursday, November 6, 2014

Former Univision CEO Promises $500 Million Art Collection to Lacma

Jerry Perenchio, the former chairman and chief executive of Univision Communications (UVN), has promised his $500 million private collection of art to the Los Angeles County Museum of Art (Lacma). The bequest goes into effect after the donor’s death, but there’s a catch: The institution must first construct an ambitious new building, currently slated for completion in 2023.

The usually press-shy Perenchio has stepped out to encourage other collectors to donate and help support plans for the new museum, which is designed by Peter Zumthor, who won the prestigious Pritzer architecture prize in 2009. Earlier in the week, the Los Angeles County Board of Supervisors unanimously voted to approve public financing and $125 million for the sprawling, $600 million project, which would replace four aging structures from the 1960s and 1980s.

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