Sunday, January 25, 2009

Arts organizations need to "regroup"

Today's Seattle Times has an article by Janet I. Tu about how the recession is forcing arts organizations to "regroup."

The biggest kick in the pants has been received by the Seattle Art Museum. SAM was leasing nearly a quarter million feet of office space to WaMu when the bank toppled, and JPMorgan Chase has announced it won't assume that lease -- a hit of some $5.8 million per year. The blow is softened a bit by a grant JPMorgan is giving to SAM, $10 million spread out over five years at $2 million per, but that's still a big hole to fill in the budget.

Bad weather during December was tough on some, too, but others were able to weather the storm, according to Tu, who reports, for example, that the Seattle Rep had robust ticket sales for its hit You Can't Take It With You, but faces a shortfall this year anyway.

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