"A $200 million investment deal that the kingdom struck in September with the Metropolitan Opera in New York reportedly remains in limbo. "I've been assured that it's going to go forward," the Met's general manager, Peter Gelb, told the New York Times. "But we have been waiting for some time." The institution is considering selling its iconic Marc Chagall murals, which have been valued at $55 million, to try to shore up its finances."
"Struggling with high overheads and declining state support, major cultural organizations in the United States and Europe have been quick to ink deals with the oil-rich kingdom, which wants to diversify its economy through culture, tourism, and tech. One of the most notable arrangements was with France, which agreed to €50 million ($59.8 million) in Saudi investment at the end of 2024 to fund the Centre Pompidou 's refurbishment."
For the past decade, Saudi Arabia's cultural spending appeared boundless, but recent cutbacks have reduced or halted gigaprojects tied to Crown Prince Mohammed bin Salman's $2 trillion Vision 2030. Lower oil prices and overspending triggered the tightening, with international repercussions for cultural institutions. A $200 million investment deal with the Metropolitan Opera remains in limbo, and the Met is considering selling Marc Chagall murals valued at $55 million to shore up finances. Reports indicate payments from the kingdom have sometimes been incomplete or delayed. Major museums and arts organizations that pursued Saudi funding may now reassess partnerships and planned projects.
Read at Artnet News
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