is a statement forwarded from the Dia Foundation this morning concerning the state
of its finances:
December 13, 2002
ADVANCEMENT OF LONG-RANGE PLANS, 2003-2005
1999, Dia Art Foundation has been involved in a successful capital campaign, raising
a total to date of more than $75 million: over $30 million to construct its new
museum in Beacon, New York (Dia:Beacon, opening in May 2003); more than $20 million
for acquisitions and endowment for the new museum; and an additional $25 million
for bridge funds, endowments, and other projects.
with the opening of Dia:Beacon, Dia will launch the final phase of its $100 million
campaign, which is aimed at renovations and endowment for its Chelsea program.
That effort is targeted to raise the necessary $20 to $25 million to improve and
endow its 22nd Street Chelsea exhibition facility, which has not thus far been
In spite of the difficult state of the economy,
due to the success of its campaign, including the extraordinary support of its
trustees and patrons, Dia has not had to change its long-range plans. These include
the opening of the new museum as well as the 2004 renovation of Dia's 22nd Street
However, as is the case with many not-for-profit
institutions in the present economy, Dia has suffered losses in income and investments
over the last two years. Its future achievements will rely heavily on the continued
success of its fundraising efforts.
Opening in May 2003,
the 300,000 square-foot Dia:Beacon facility will showcase the major part of Dia's
renowned permanent collection on a permanent and long-term basis, including work
by Joseph Beuys, John Chamberlain, Hanne Darboven, Walter De Maria, Dan Flavin,
Michael Heizer, Donald Judd, On Kawara, Agnes Martin, Blinky Palermo, Fred Sandback,
Richard Serra, and Andy Warhol. A special one-year installation of Bruce Nauman's
work will open simultaneously in a gallery devoted to changing exhibitions.
scheduled for the Chelsea space in 2003 include a retrospective exhibition of
work by Robert Whitman, opening in March, and a new project by Pierre Huyghe,
opening in September.
In July 2004 (eighteen months
from now), Dia will temporarily close the Chelsea facility for much-needed renovations;
these should take approximately a year, with the galleries reopening in September
2005. It has not been renovated since it was converted from a warehouse to an
exhibition facility in 1987, and it requires such improvements as repairs to its
roof and its plumbing and air circulation systems, which will not change the character
of the building.