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Opera house uses Chagalls as loan pledge
Ed Harris3 Mar 2009
NEW York's Metropolitan Opera has been forced to put up two Marc Chagall murals in its lobby as a loan guarantee as it struggles to cope with the economic downturn.
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.
