By Peter Van Allen, Philadelphia Business Journal
May 16, 2006
A day after hitting its target of raising $150 million to move from the suburbs to Philadelphia, the Barnes Foundation said
Tuesday it has raised its goal to $200 million.
The additional $50 million will buttress the endowment (already projected to be $50 million) and go toward educational
programs at the Barnes.
Board of trustees Chairman Dr. Bernard C. Watson said the decision was made at a meeting on Monday.
The Barnes Foundation, now located in Merion, Pa., plans to move its trove of world-class art to a gallery to be
built on the Benjamin Franklin Parkway in Philadelphia.
The earliest possible completion date is projected to be 2009. The organization has not yet chosen an architect.
The original fund-raising campaign called on Philadelphia-area institutions including the
Annenberg Foundation, the Pew Charitable Trusts
and the Lenfest Foundation, among others, along with help from the state of Pennsylvania
and city of Philadelphia, which donated a parcel of land.
"The tremendous outpouring of support we have received within our own community has encouraged us to carry forward the
momentum. We believe this is the best way to express our gratitude toward the donors who have brought us this far --
by building on the success they have helped us achieve," said Watson.
The Barnes Foundation was established in 1922 by Dr. Albert C. Barnes to "promote the advancement of education and the
appreciation of the fine arts."
Its holdings include works by Renoir, Cézanne, Matisse, Picasso, Seurat, Rousseau, Modigliani, Soutine, Monet, Manet,
Degas, van Gogh and others.
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