Jorge Pérez has made what appears to be a generous gift to the Miami Art Museum, an act that has been billed as one of the most generous in the city’s philanthropic history. In return, the museum sold him its name. Before we break out the Champagne, let’s do the math on this gift.
The headline gift totals $35 million: $20 million in cash and $15 million in art from his collection. Let’s start with the cash, because that’s what the museum needs immediately to fund construction of its new building. When the project began in 2005, Mr. Pérez made a $5 million pledge, which remains part of the $10 million cash gift he proposes to pay by 2012. He also proposes to pay another $10 million in 2022, 10 years from now, so let’s say the present value is $5 million. That’s a cash total of $15 million. This compares to Miami-Dade giving $100 million of its citizens’ money and the city giving land worth $50 million for a total of $150 million. Mr. Pérez’ gift amounts to 10 percent of Miami’s gift and he gets the name of the museum. And this doesn’t consider the risk of a substantial loss of funding from existing and future donors. Something doesn’t compute.
The $15 million worth of art was added to bring the headline gift to a level commensurate with the Frosts’ and Adrienne Arsht’s recent cash gifts. Until now, MAM’s capital campaign policy was “cash only.” Any professional fund raiser will tell you that a gift of art (which the museum can’t sell for ethical reasons) doesn’t pay for construction costs and doesn’t count towards naming rights.
When the MAM board approved the renaming there was no discussion of the longterm implications of the name change. No one mentioned that the American Association of Museum Directors, which accredits MAM, cannot find a single instance of a civic art museum selling its name to a donor, for any amount of money.
MAM’s leadership and Mr. Pérez have turned a deaf ear to the outpouring of negative responses to the name change, ignoring the constituency they ostensibly serve. The citizens of this great community paid for the museum and it should bear their name. How about a wing, Mr. Pérez? That would compute.
Howard S. Frank, Miami
via miamiherald.com