CHICAGO - The Art Institute of Chicago said it's received its largest gift ever in a 42 piece collection valued in published reports at $400 million.
In a press release April 22, the museum said it formally accepted the gift from Chicago-based philanthropists Stefan T. Edlis and Gael Neeson. The museum will display the works in its Modern Wing. Under an agreement with the owners, the works will remain on public display for at least 50 years.
The collection includes two Andy Warhol self-portraits and well-known Warhol works of Jacqueline Kennedy Onassis and Elizabeth Taylor. The collection includes paintings, sculptures, and photographs by artists such as Roy Lichtenstein, Jasper Johns and Jeff Koons.
"It's a powerful statement to have a collection of this international stature staying here in Chicago," said Robert Levy, chairman of the Art Institute's board. "It's unbelievably exciting for the Art Institute, for the City of Chicago, for the entire art community of Chicago. It's all good."
The donation stands to bolster the museum's reputation and could help draw more visitors which would aid its balance sheet. The museum carries an A1 rating from Moody's Investors Service on $288 million of debt.
In a review last year, Moody's said the rating reflects the organization's diverse mission as both a large, internationally known art museum and a nationally ranked art school, a growing balance sheet cushion with unrestricted and temporarily restricted resources intended to refund maturing debt bullets and adequate debt service coverage from operating cash flow.
Offsetting challenges are high leverage, a debt structure comprised of bullet maturities and vulnerability to competitive and economic pressures that could impact museum visitors and art school enrollment and related revenue streams. The museum drew 1.54 million visitors in fiscal year 2013.
