ArtDependence | Acute Financial Crisis Hits the Cobra Museum of Modern Art in Amstelveen, Netherlands

Thursday, August 24, 2023

Acute Financial Crisis Hits the Cobra Museum Amstelveen, Netherlands

The Cobra Museum of Modern Art in Amstelveen is facing severe financial problems. The situation is more concerning than what the museum previously conveyed to the city council, according to a letter from the mayor and aldermen. There is said to be an "acute, worrying financial situation".

Financial challenges have been known since 2018. Since then, the museum has experienced a structural financial deficit, and its general reserves have continued to decrease. Last year, the museum suffered a loss of 350,000 euros. A larger deficit of 700,000 euros is expected for this year.

The museum attributes this significant deficit to lower-than-expected visitor numbers. This summer, 30,000 fewer visitors came to the museum than anticipated. Additionally, costs exceeded the budget. The museum now reportedly faces an acute liquidity problem.

In 2021, the city council decided that the Cobra Museum could request multi-year funding every four years. However, due to the precarious financial situation, a decision on new funding was postponed a few months ago. At that time, the risk of granting four years of funding, amounting to over 1.2 million euros annually, was considered too high.

The municipal government subsequently held several conversations with the museum. The principle was to not cut back on art and culture, but to ensure compliance with the conditions of the multi-year subsidy scheme, such as maintaining a sound financial policy. The council now accuses the museum of never presenting a "realistic improvement plan" during all that time.

Image : Copyright Cobra Museum of Contemporary Art

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