The Business of Art: Welcome to The Louvre Inc.
The museum's director is busy raising millions. But his methods are raising hackles in French art circles.
On a breezy June morning, several dozen people climb a narrow staircase to an ornate, high-ceilinged room in the Louvre Museum. Displayed on easels are 22 works by Leonardo da Vinci -- a delicate pen-and-ink Madonna and child, detailed architectural sketches, subtly shaded tempera studies of draped fabric. These fragile 500-year-old drawings are rarely seen by anyone but scholars and museum curators.
The Louvre in Paris: The museum will receive $630 million for the right of Louvre Abu Dhabi to use its name.
This article has been provided by BusinessWeek as part of a special agreement with SPIEGEL INTERNATIONAL.
His biggest coup: A $1.5 billion deal to set up a "Louvre Abu Dhabi" in the United Arab Emirates that is to open in 2012. Abu Dhabi will pay $630 million just to use the Louvre's name, along with hundreds of millions more for loans of art. New York's Guggenheim, by contrast, got $20 million for its satellite in Bilbao, Spain.
The Abu Dhabi initiative has stirred an uproar in French art circles. "It's scandalous," says Didier Rykner, an art historian who has collected more than 5,000 signatures -- including some former top Louvre curators -- on a petition opposing the plan. Critics say such megadeals make it harder for less wealthy museums to obtain art on loan. Loyrette says the Louvre still lends individual works free of charge, but for exhibits drawn exclusively from its collection, "we ask for a fee, which is perfectly normal."
Admirers say Loyrette's freewheeling intellect and personal charm make him an almost irresistible fund-raiser. Harry Fath, owner of a Cincinnati property-management company, met Loyrette at a reception and invited him to Cincinnati. Loyrette accepted and spent a weekend with Fath and his wife, chatting about opera, enthusing about the city's architecture, and giving a talk to the local art museum board. "By the end of the weekend, I gave him a check for $50,000," Fath says.
Loyrette's next goal: an endowment for the Louvre, emulating US giants such as New York's Metropolitan Museum of Art and the Art Institute of Chicago. For now, he's not planning further overseas ventures on the scale of Abu Dhabi. "Our order book is full," Loyrette says. "Let's do well what we have under way."
© SPIEGEL ONLINE 2008
All Rights Reserved
Reproduction only allowed with the permission of SPIEGELnet GmbH