With $130 million-worth of needed renovations looming, the Corcoran Gallery of Art in Washington was in need of help. On Wednesday, the board of trustees announced that a memorandum of understanding to pursue a partnership with the University of Maryland.
“The possibility of aligning with the Corcoran Gallery of Art and College of Art + Design is an extraordinary opportunity for the University of Maryland,†Wallace D. Loh, the university’s president, said in a statement. “We are energized by the potential to enhance both institutions, to bring together diverse academic disciplines, students and faculty to create something truly unique and compelling in higher education.â€
Worries over the Corcoran’s future intensified last summer when the gallery said it was considering leaving its beloved Beaux-Arts building near the White House. After widespread criticism of the proposed relocation, the board announced that the Corcoran would stay put and look for a partner to help the gallery and its associated college dig out of their budget problems. The board also announced on Wednesday that it had appointed a new consulting director, Peggy Loar. A former director at the National Museum of Qatar and the Wolfsonian Museum and Research Center in Miami, Fla., Ms. Loar will take over for Fred Bollerer and oversee the negotiations with the University of Maryland.
The Corcoran also announced it has a deal with the National Gallery of Art to exhibit modern and contemporary works from its collection during the upcoming three-year renovation of the that museum’s East Building.
“We have rebuilt our fundraising team from the ground up,†said Harry Hopper, president of the Corcoran’s board. “We have a strategic framework for a new Corcoran. And we have an agreement with the National Gallery of Art and are in discussions with one of the nation’s most successful educational institutions, the University of Maryland.â€
