$12-million gift; strings attached
Peter B. Lewis, chairman of the board of trustees at the Solomon R. Guggenheim Museum in New York City, has given the institution a gift of $12 million, but only after its director agreed to reduce the budget for 2003, the New York Times reports.
Lewis said he had threatened museum director Thomas Krens with dismissal if he didn’t do more to stem the flow of red ink. Krens responded with a budget of $24 million, down about 13% from last year and 50% from 1999. Lewis’ donation will be used to pay off debts.
Plans for a Frank Gehry-designed branch of the Guggenheim in downtown Manhattan have been put on hold.
-- Lee Margulies
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