Prado Museum Experiences 75 Percent Loss in Income in 2020
A fuller image of how Covid-19 lockdowns affected museum income is beginning to emerge, with worldwide museums beginning to existing lawful how mighty they misplaced final one year. The Museo Nacional del Prado in Madrid reported on Monday that it sustained a 75.5 p.c decrease in income in 2020, ending the financial one year with a lack of 18.5 million euros ($22 million).
The lockdown provoked an unparalleled drop-off in attendance, with an 84 p.c decline in trace sales and a 90 p.c decline in sales on the museum’s retailer and eating locations.
The Prado became hardly ever ever the tremendous European museum to desire fundamental losses in income in 2020. The Louvre in Paris, as an illustration, noticed a 72 p.c decrease in attendance and misplaced $110.3 million in income. To mitigate losses, some contain resorted to ingenious capability. The Uffizi Galleries in Florence began minting NFTs of Renaissance artworks in its holdings to melt the blow of enormous drops in attendance.
Inner U.S. museums, the effects of the pandemic had been equally opposed. Three quarters of American institutions noticed their working earnings diminish by 40 p.c or more. Almost half of respondents in a 2021 watch conducted by the American Alliance of Museums prick workers all the procedure thru the pandemic. On moderate, these museums reduced their team by 29 p.c. Handiest 44 p.c of respondents anticipated to rehire misplaced workers.
Slowly, institutions in the U.S. contain begun to get better. Consistent with the identical AAM watch, most tasty 15 p.c of museums remain at excessive financial chance. When the same watch became conducted in October, a third of museum administrators believed their institutions might conclude completely.
The Prado, meanwhile, can peaceable depend on executive funding of 15.2 million euros ($18 million), as effectively as company and particular person toughen amounting to 3.8 million euros (4.5 million greenbacks) in 2020—sums equal to quantities obtained in years previous.
The museum also acknowledged on Monday that it had obtained two gifts from the American Visitors of the Prado Museum: Pablo Picasso’s Buste de Femme 43 and Diego Velázquez’s Portrait of Phillip III. The historic painting had beforehand been held by the Arango Montull family.