Kunsthaus Zürich underestimated the cost of museum extension
Published: Wednesday, May 22nd 2024, 12:30
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The Zurich Kunsthaus explained on Wednesday how the financial shortfall came about. According to its own statements, the main reason was the opening of the Chipperfield building, which entailed much more expenditure than expected.
The opening of the new building has led to much higher personnel costs in the areas of visitor services and security, the Kunsthaus announced on Wednesday. "These inevitably higher operating costs were not sufficiently anticipated during the expansion."
An external audit of the structures and processes also showed that the Kunsthaus was clearly ill-prepared for "the new reality of a building twice the size". It was caught cold by the expense and had to hire more staff.
A third corporate sponsor is missing
What also led to the financial shortfall was the lack of a third corporate sponsor, which would actually be necessary for the economic operation of the Kunsthaus. However, this sponsor has still not been found. "This remains an important objective," writes the Kunsthaus. The two corporate partners to date are UBS and Swiss Re.
Other reasons for the financial difficulties include falling visitor numbers, the closure of the museum store due to asbestos removal and the temporary storage of artworks. This temporary storage became necessary due to the delayed commissioning of the Chipperfield building. The extent of the storage costs apparently only became clear last year.
"Transformation will take several years"
"The Board of the Kunstgesellschaft is aware that the transformation of the Kunsthaus Zürich will take several years," says Director Philipp Hildebrand. The aim is to balance the deficit by 2028.
On Tuesday it became known that the Kunstgesellschaft, which runs the museum, is overindebted to the tune of CHF 4.5 million. It is now considering applying to the city and canton of Zurich for an increase in subsidies.
Visitors are also likely to feel the effects of the restructuring measures: Pricing, i.e. ticket prices, and the number of exhibitions are to be "redefined" from 2025.
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