An interesting, recent New York Times article considers salary reductions amongst leading cultural executives. Unsurprisingly, these executives’ salaries reflect recent trends in the economy. For example, whereas Glenn Lowry, director of MOMA, earned $2.7 million in 2008, he now earns roughly half that. The subject of compensating cultural executives involves a dilemma: on the one hand, these executives are experienced people capable of tackling difficult, complicated business problems; on the other hand, big pay cheques are an athema to the cultural sector, where expectations are that concerns should be more cerebral. The John F. Kennedy Center has opted to place greater emphasis on the first horn of this dilemma, rewarding its president Michael Kaiser with the maximum possible bonus in recognition of his exceptional leadership, that has included overseeing an increase in donations of 110%. Likewise At TSIC we strongly believe in bringing high commercial standards to bare on cultural organisations and the non-profit sector generally, and this involves attracting and retaining the best talent. As Eli Broad of LA County Museum of Art puts it, ‘it’s a market - you’ve got to be competitive.’
Read the full article on the New York Times Website here.
