How Will the Yuz Museum’s Partnership With LACMA Work? Shanghai Collector Budi Tek Explains His Bold

For those who have been following, this is an interesting and bold approach to succession planning in the private museum world. Here’s the deal:

“Today, if I ask my friends to donate funds to my museum, they’ll say, ‘Why would I need to support your private museum? Pay for it yourself!’ But if I’m not a private person owning a private museum, it’ll be very easy to ask friends to donate......We are trying very hard to establish a foundation in Shanghai to create a public museum, but the law is still not clear enough for me to feel comfortable donating my whole collection to one.

When I donate my collection to this institution, I will give up all of my interest in the artwork—it becomes the foundation’s asset. The foundation will be managed both by the Yuz Foundation and the LACMA Foundation in the United States. Of course, my condition is that the entire collection will remain in China, in Hong Kong, Shanghai, and Beijing—some of our warehouses are there—and will be there forever. The art can travel the world for shows, but it cannot move permanently to any other country.

But right now I’m waiting. The ultimate decision is with the LACMA board.

Be fair to China! Especially Shanghai. This is the fastest development of a museum movement that I’ve ever seen in Asia. I once tried to push the Indonesian museum movement, but I stopped doing that five years after opening my Yuz Museum in Jakarta. “

Read the article here.

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