The Museum of Modern Art has turned to pay freezes to cope with its plummeting endowment–investments have fallen 17.6 percent in the last year.
“Administrators, librarians, curators and editors at MoMA who belong to its largest union, UAW Local 2110, earn about $25,000 to $75,000 a year,” reports Bloomberg. Under this year’s negotiations, union members will receive no raises, and most will have to increase their healthcare contributions.
Executives are not exempt:
MoMA Director Glenn Lowry earned $1.32 million in the year ending in June, down from $1.95 million the year before, according to the museum. In July, museum executives earning more than $150,000 took a pay cut of 2 percent to 8 percent, Mitchell said. Lowry took a 10 percent cut.
It could be worse. In contrast to the Met and other institutions, MoMA has managed to avoid firing staff. For now, anyway.