The Orlando Museum of Art, located in the US state of Florida, has now come to the fore with a financial crisis following an FBI raid on an exhibition of rare works by African American graffiti artist and neo-expressionist painter Jean-Michel Basquiat, which revealed that the paintings were fake.
Following the fake art scandal that emerged in 2022, it is said that the Orlando Museum's CEO Cathryn Mattson met with a group of trustees and donors in a private meeting in December, and that the museum exhausted its coffers to pay press consultants and lawyers to lead the institution out of this turmoil while "clinging to the last shreds of its reputation."
500 THOUSAND DOLLAR DEBT
Mattson stated that the museum saw a 25 percent increase in unbudgeted expenses within a year, exceeded its credit limits, and exhausted its reserve funds, while also incurring a debt of 500 thousand dollars.
In a statement to the Times, Mattson said that the OMA projects an 835 thousand dollar deficit in its annual budget of approximately 4 million dollars as of the end of the fiscal year, which will end in June.
News Source: 12punto
