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Casino Loan Earns Boston Unwelcome Attention12 July 2004BOSTON -- As reported by the Art Newspaper: 'The climate of reform that swept the corporate world in the wake of the Enron and other corporate scandals is spreading to the not-for-profit sector, with Congress and State attorneys general seeking stiffer legislation regulating charities. "One result of the governments' concern and scrutiny is that the Association of Art Museum Directors (AAMD), the 175-member group that sets standards for professional practice in North America's art museums, is considering the professional issues raised by the Boston Museum of Fine Arts (MFA) having sent 21 of its 36 Monet paintings for an exhibition at the Bellagio Gallery of Fine Arts, a commercial exhibition space in the Bellagio casino and hotel complex in Las Vegas. "The Bellagio Gallery is run by Paperball, a company related to the Manhattan-based art dealer PaceWildenstein. The MFA was reportedly guaranteed a minimum of $1 million for leasing its paintings to the Bellagio from 30 January until 13 September "...The AAMD is concerned that commercial initiatives such as this could jeopardise the not-for-profit status of museums in the US and the directors' organisation is now moving towards self-reform before tax-hungry legislators target museums and end their tax-exempt status. "...An MFA spokesman says candidly that "One reason we did it is to make money, and another is to show the collection". The show has attracted 130,000 visitors in its first four months providing 'incredible exposure and publicity to a global audience in Las Vegas'..." |