Opera house uses Chagalls as loan pledge

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Met spokesman Peter Clark said today American's leading opera house was using the 30ft by 36ft paintings as collateral for "a long-standing loan". He declined to specify the amount or estimated value of the works, The Triumph of Music and The Sources of Music.

Lincoln Center for the Performing Arts commissioned the murals from the French painter for its lobby in the Sixties.

The paintings will remain in the lobby unless the Met defaults on the loan.

The Met is dropping some revivals from its 2009-2010 season and substituting cheaper productions.

It is slashing senior staff salaries by 10 per cent to stay within its $291million (£206million) annual budget. The opera house's $300million (£212million) endowment has fallen with stock prices, along with donations.

The faltering economy has led to a growing number of individuals and institutions using art as loan collateral in recent months.

Chagall was born in Belarus and became a French citizen in 1937. He was one of the most successful artists of the 20th century.