As the Centre Pompidou‘s planned five-year renovation of its Paris flagship approaches its 2025 start date, new questions arise over the financial viability of the project.
At the end of April, a critical report from France’s court of auditors, who assess the use of public funds, revealed that the Centre Pompidou‘s economic model is unsustainable. The report outlines the financial strain on the museum caused by its forthcoming renovation, as well as its establishment of a new branch in Massy, France.
According to the report, costs have increased since the project began. The court estimated that this undertaking will cost €358 million ($383 million), nearly €100 million more than the French government’s initial estimate of €262 million ($282 million). An additional €207 million ($223,000) has been requested from sponsors by the museum’s chairman Laurent Le Bon to account for the difference.
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Per the court, the institution must raise the money itself by the beginning of 2025 at the latest. As of now, it has raised €39 million ($42 million). Of the €39 million, €20 million ($21.5 million) came from Seoul’s Hanwha Culture Foundation. Centre Pompidou leadership has “very little time left” to raise the necessary €168 million, the court has warned.
Le Bon’s fundraising campaign has focused on individual American sponsors, as well as countries including Saudi Arabia. Le Bon has agreed to share program plans this month and finalize it before the start of the new year.
According to the Art Newspaper, Le Bon has admitted that he may have to “adapt his plans according to the funds collected.”