The Show Might Not Go On

The global financial meltdown is taking a toll on art exhibitions, with at least 20 big shows having been canceled or postponed this year and next.

The situation seems grimmer in North America than in Europe, since U.S. museums typically are more reliant on private sector funding than their Continental counterparts. With shareholders suffering, companies are under intense pressure to cut costs for such things as sponsorships, while foundations have seen the values of their portfolios crumble, limiting their ability to finance projects.

One of the hardest-hit institutions has been the Los Angeles County Museum of Art, which has lost at least three major shows. But even though American museums are bearing the brunt of recessionary pressures, the effect is being felt abroad since many traveling exhibitions rely on making stops in the United States to recoup their costs.

Read more at the Art Newspaper.