LACMA Announces Multi-Million Deal With Hyundai

The Los Angeles County Museum of Art. Photo: Formstack Blog.

On Thursday, the Los Angeles County Museum of Art  (LACMA) announced a long-term partnership with the Korean automobile manufacturer Hyundai, the Los Angeles Times reports.

Under the terms of the ten-year contract, the institution will promote Korean art in exchange for support for the museum’s art and technology program. The deal, which follows on heels of two major gifts to the institution (see LACMA Receives $50 Million Gift of Hirst, Schnabel, and Warhol and Billionaire Jerrold Perenchio Gifts $500 Million to LACMA), also gives LACMA the opportunity to culturally engage with the Korean community in Los Angeles, the largest in the US.

Speaking to the Times, Hyundai executive vice president Won-hong Cho said that the museum’s vision was “aligned with our vision.”

Although neither LACMA nor Hyundai divulged the exact value of the contract, LACMA director Michael Govan revealed that the sum was in “the millions of dollars,” calling that the deal “unprecedented in its scale and longevity.”

Govan also explained that the museum had been developing ties with Hyundai for several years and that negotiations for the current deal started months ago.

To mark the seminal deal, Hyundai has agreed to fund the acquisition of two contemporary artworks for the museum, Robert Irwin’s Miracle Mile and James Turrell’s Light Rainfall.

LACMA’s Korean exhibitions are set to start in 2018 with a major show on Korean calligraphy. Exhibitions featuring 20th century art and contemporary Korean art are also being discussed.

Hyundai has already secured long-term partnerships with the Tate, London and the National Museum of Modern and Contemporary Art in Seoul.

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