The Museum of Contemporary Art in Los Angeles has increased its financial muscle with the addition of three new board members: the Ukrainian billionaire Victor Pinchuk; the newsprint magnate Peter Brant and the financier Steven T. Mnuchin. This brings the total of new trustees to the board to 10 this year.
All of the trustees have committed to give the institution at least $75,000 in annual dues with additional contributions their first year.
The institution needs all the help it can get. Last year, having spent its reserves on operating expenses, it was on the brink of collapse before the Los Angeles financier Eli Broad pledged $30 million. It has since been slowly climbing its way back to solvency.
And when it comes to the art world’s elite, they seem to be loyal to one another’s causes. Last week, for example, when Mr. Pinchuk announced the formation of a $100,000 international prize for artists under 35, Mr. Broad was one of the members of its board.