As the Metropolitan Museum of Art continued to bleed money, it doled out huge pay raises to top executives.
President Daniel Weiss got a 25 percent increase in 2018 to $955,473, up from $760,291 the year before. His total compensation, including a housing allowance, came to $1.2 million, according to the Met’s just-released tax filing.
Newly hired Museum Director Max Hollein, who only started working at the Fifth Avenue institution on Aug. 18, 2018, got a $250,000 bonus on top of his $401,317 salary and a housing allowance. His total compensation for less than five months work came to $764,093, the tax filing shows.
The Met paid Lauren Meserve, the chief investment officer, a $581,964 bonus on top of her $643,371 salary, for a total of $1.6 million.
The museum received $26.8 million in taxpayer cash from New York City last year.
The museum ended the 2019 fiscal year with a $1.9 million deficit, according to its latest annual report for the year ending June 30, 2019.
Met President Daniel Weiss and Director Max HolleinTiffany Sage/BFA.comThe report noted the loss was an improvement from the previous year’s disastrous deficit of $8.3 million. Two years ago, the museum cut staff and offered buyouts in the face of a deficit that came to $10 million.
The museum’s financial crisis prompted it to start requiring out-of-town visitors to pay $25 to enter. New Yorkers can still pay what they wish.
The Met’s financial crisis led to Director Thomas Campbell being forced out in 2017. He walked away with a $2.1 million golden parachute.
The museum in October sold for $5.6 million the Fifth Avenue apartment that served as Campbell’s residence, city records show. It also sold off $6.1 million worth of art work.
The museum brought in an extra $7 million in admissions revenue last year, mostly due to the entry-fee policy change and “a strong exhibition schedule,” according to its annual report. The number of visitors last year totaled 7 million.
A Met spokesman declined to comment on the salary increases and said the museum was “on target to have a balanced budget for the fiscal year.”
How the Metropolitan Museum spent some of its cash last year:
- Salaries and benefits: $198 million
- Art purchases: $88.9 million
- Restaurant services and supplies: $27.5 million
- Special exhibitions: $21 million
- Catering Services: $3.3 million
- Travel: $3.2 million
- Grants: $2.8 million
Total compensation for top five highest paid executives:
- Lauren Meserve, chief investment officer: $1.6 million
- Daniel Weiss, president: $1.2 million
- Max Hollein, director : $764,093
- Justin Reed, investment officer: $575,497
- Clyde Jones III, senior vice president of institutional advancement: $568,941
Source: Metropolitan Museum of Art tax filing for year ending June 30, 2019
