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Met Museum Prepares for $100 Million Loss and Closure Till July Met Museum Prepares for $100 Million Loss and Closure Till July
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In a powerful sign that casualties of the coronavirus outbreak include even the country’s strongest cultural institutions, the Metropolitan Museum of Art is projecting a total shortfall of close to $100 million for the near future and expects to be closed until July, according to a letter the museum sent to its department heads on Wednesday.In a powerful sign that casualties of the coronavirus outbreak include even the country’s strongest cultural institutions, the Metropolitan Museum of Art is projecting a total shortfall of close to $100 million for the near future and expects to be closed until July, according to a letter the museum sent to its department heads on Wednesday.
“This is an extraordinarily challenging time for us all,” said the letter, signed by the Met’s top executives, Daniel H. Weiss, the president and chief executive, and Max Hollein, the director. “As staff members of The Met we all have a profound responsibility to protect and preserve the treasured institution we inherited.”“This is an extraordinarily challenging time for us all,” said the letter, signed by the Met’s top executives, Daniel H. Weiss, the president and chief executive, and Max Hollein, the director. “As staff members of The Met we all have a profound responsibility to protect and preserve the treasured institution we inherited.”
The Met is an important canary in the coal mine for arts institutions all over the country; when the museum announced on March 12 that it was closing, others followed close behind. If even a behemoth like the Met — with an operating budget of $320 million and an endowment of $3.6 billion — is anticipating such a steep financial hit, smaller institutions may not be able to survive at all.The Met is an important canary in the coal mine for arts institutions all over the country; when the museum announced on March 12 that it was closing, others followed close behind. If even a behemoth like the Met — with an operating budget of $320 million and an endowment of $3.6 billion — is anticipating such a steep financial hit, smaller institutions may not be able to survive at all.
“Many museums are using any reserves they have to get through the next month,” said Laura Lott, the president and chief executive of the American Alliance of Museums, a professional association that has urged Congress to include $4 billion in relief for museums.“Many museums are using any reserves they have to get through the next month,” said Laura Lott, the president and chief executive of the American Alliance of Museums, a professional association that has urged Congress to include $4 billion in relief for museums.
About a third of museums surveyed in the United States were operating in the red or close to it before coronavirus, Ms. Lott added; three-quarters have now closed and one-third will not reopen if the crisis continues. “This situation is by far more dire than anything I have experienced in my 25 years of being an arts finance professional,” she said.About a third of museums surveyed in the United States were operating in the red or close to it before coronavirus, Ms. Lott added; three-quarters have now closed and one-third will not reopen if the crisis continues. “This situation is by far more dire than anything I have experienced in my 25 years of being an arts finance professional,” she said.
The Tenement Museum on Manhattan’s Lower East Side — which has a $2.7 million cash endowment and depends on earned revenue for over 75 percent of its operating costs — has laid off 13 employees, which amounts to a 20 percent reduction in staff.The Tenement Museum on Manhattan’s Lower East Side — which has a $2.7 million cash endowment and depends on earned revenue for over 75 percent of its operating costs — has laid off 13 employees, which amounts to a 20 percent reduction in staff.
“Our budget projections now take us through the end of June showing no revenue,” said Morris Vogel, the museum’s president, adding that the institution owes about $9.5 million in bonds with covenants that restrict its ability to borrow money. “We still have to make those monthly payments.”“Our budget projections now take us through the end of June showing no revenue,” said Morris Vogel, the museum’s president, adding that the institution owes about $9.5 million in bonds with covenants that restrict its ability to borrow money. “We still have to make those monthly payments.”
The Met, preparing for its own financial hardship, has developed a three-phase response: having all staff members work from home and continue to be paid through April 4 as the museum evaluates possible furloughs, layoffs and voluntary retirements; from April to July, evaluating how to control spending and reduce operating costs, including freezing discretionary expenditures and hiring; and from July to October, “reopening with a reduced program and lower cost structure that anticipates lower attendance for at least the next year due to reduced global and domestic tourism and spending,” according to the letter.The Met, preparing for its own financial hardship, has developed a three-phase response: having all staff members work from home and continue to be paid through April 4 as the museum evaluates possible furloughs, layoffs and voluntary retirements; from April to July, evaluating how to control spending and reduce operating costs, including freezing discretionary expenditures and hiring; and from July to October, “reopening with a reduced program and lower cost structure that anticipates lower attendance for at least the next year due to reduced global and domestic tourism and spending,” according to the letter.
The Met, which estimates the overall damage from the virus will be spread over this fiscal year and next, is also creating an emergency fund of more than $50 million by reallocating discretionary resources usually used for acquisitions and programming toward operating expenses, fund-raising from foundations and donors and pursuing government assistance.The Met, which estimates the overall damage from the virus will be spread over this fiscal year and next, is also creating an emergency fund of more than $50 million by reallocating discretionary resources usually used for acquisitions and programming toward operating expenses, fund-raising from foundations and donors and pursuing government assistance.
“We’re trying to be as proactive as we can in an environment of profound uncertainty,” Mr. Weiss said. “It became clear to us that this is a very big deal, and it requires very significant action right away.”“We’re trying to be as proactive as we can in an environment of profound uncertainty,” Mr. Weiss said. “It became clear to us that this is a very big deal, and it requires very significant action right away.”
The museum made these plans based on information it has received from “the epidemiological world,” Mr. Weiss said — namely, that the pandemic is likely to reach its peak in early May, so recovery is unlikely to begin until at least the middle of June.The museum made these plans based on information it has received from “the epidemiological world,” Mr. Weiss said — namely, that the pandemic is likely to reach its peak in early May, so recovery is unlikely to begin until at least the middle of June.
The Met’s executives came to these decisions in consultation with the board’s leadership and executive committee. The full board was informed at 4 p.m. on Wednesday, and the staff was notified earlier that day.The Met’s executives came to these decisions in consultation with the board’s leadership and executive committee. The full board was informed at 4 p.m. on Wednesday, and the staff was notified earlier that day.
Salaries currently cost the Met about $16 million a month, which “burns pretty fast,” Mr. Weiss said, adding that layoffs were likely inevitable.Salaries currently cost the Met about $16 million a month, which “burns pretty fast,” Mr. Weiss said, adding that layoffs were likely inevitable.
“We’re going to have to do it like everybody is going to have to do it,” he said. “It’s a very disheartening thing.”“We’re going to have to do it like everybody is going to have to do it,” he said. “It’s a very disheartening thing.”
Henry A. Garrido, the executive director of District Council 37, the union that represents most of the Met’s staff, said he was distressed to see the museum talking about layoffs before consulting with the union, which he called “a violation of our collective bargaining agreement.”Henry A. Garrido, the executive director of District Council 37, the union that represents most of the Met’s staff, said he was distressed to see the museum talking about layoffs before consulting with the union, which he called “a violation of our collective bargaining agreement.”
Updated June 22, 2020 Updated June 24, 2020
Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles.
A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.
The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.
“The museum is also sitting on a pile of cash they should be looking to use before they look at cutting the workers,” Mr. Garrido said.“The museum is also sitting on a pile of cash they should be looking to use before they look at cutting the workers,” Mr. Garrido said.
Looking at lost revenue, together with carrying costs, the Met estimates losses around $60 million through the end of the fiscal year on June 30. The museum estimates another $40 million in lost revenue heading into July and the expected early phases of recovery. Before the virus outbreak, the Met was projecting a deficit this year of $3 million to $4 million — down from about $10 million in fiscal year 2017 — which Mr. Weiss said amounted to a balanced budget.Looking at lost revenue, together with carrying costs, the Met estimates losses around $60 million through the end of the fiscal year on June 30. The museum estimates another $40 million in lost revenue heading into July and the expected early phases of recovery. Before the virus outbreak, the Met was projecting a deficit this year of $3 million to $4 million — down from about $10 million in fiscal year 2017 — which Mr. Weiss said amounted to a balanced budget.
The Met hopes not to have to raid its endowment, which Mr. Weiss estimated has probably fallen to about $3.3 billion, because of the stock market decline. “The actual impact on the endowment is going to be hard to say until the market stabilizes,” he said. “Our intention is not to go into the endowment except as a last measure.”The Met hopes not to have to raid its endowment, which Mr. Weiss estimated has probably fallen to about $3.3 billion, because of the stock market decline. “The actual impact on the endowment is going to be hard to say until the market stabilizes,” he said. “Our intention is not to go into the endowment except as a last measure.”
The Met still expects to turn over its Breuer building to the Frick Collection, as planned, in July, and the Frick said the Board of Standards and Appeals on Tuesday unanimously approved the project, which so far remains on track.The Met still expects to turn over its Breuer building to the Frick Collection, as planned, in July, and the Frick said the Board of Standards and Appeals on Tuesday unanimously approved the project, which so far remains on track.
Sheena Wagstaff, who leads the Met’s department of modern and contemporary art, bemoaned the fact that the acclaimed Gerhard Richter exhibition she organized was only open for nine days (it had been set to run through July 4), but said such decisions were not taken lightly.Sheena Wagstaff, who leads the Met’s department of modern and contemporary art, bemoaned the fact that the acclaimed Gerhard Richter exhibition she organized was only open for nine days (it had been set to run through July 4), but said such decisions were not taken lightly.
“I sent notes to every single lender to reassure them that the work is safe, and we’re doing as much as we can to flatten the curve — to do the right thing,” she said, “and to reopen as soon as we possibly can.”“I sent notes to every single lender to reassure them that the work is safe, and we’re doing as much as we can to flatten the curve — to do the right thing,” she said, “and to reopen as soon as we possibly can.”
Zachary Small contributed reporting.Zachary Small contributed reporting.