New Audain Art Museum endowment set at $50 million

Philanthropist Michael Audain is aiming to double the size of the permanent endowment for the Audain Art Museum in Whistler to $50 million.

Audain said he set the higher target because of the success of the current fundraising campaign for the endowment. In about 2 ½ years, the campaign has raised $24 million of its $25 million target.

“I just felt we couldn’t take the attitude that we’ve reached the $25 million target, therefore we’re not going to build the endowment any further,” he told Postmedia News.

“I happen to believe people in B.C. and the Lower Mainland are willing in supporting what we’re doing in Whistler.”

At a four per cent rate of return, an endowment of $50 million would generate $2 million annually for the museum.

Audain is the founder of the museum and chair of the Audain Art Museum Foundation.

The AAM opened in March, 2016. In its first year of operation, it attracted about 55,000 people.

The cost of constructing the $43.5 million museum was paid for by Audain and his wife Yoshiko Karasawa. The permanent collection, also donated by the couple, is comprised of mostly B.C. art that includes 24 Emily Carr paintings as well as historical and contemporary Indigenous masks and works.

Handout photo from the Audain Art Museum, showing an art work in its collection. Emily Carr, Eagle Totem, c. 1930, oil on canvas. [PNG Merlin Archive]
Audain Art Museum, Vancouver Sun

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Eagle Totem, oil on canvas, by Emily Carr, is one of many paintings by Carr on permanent display at the Audain Art Museum.

Although Whistler is an international resort that attracts skiers, snowboarders and vacationers from around the world, the $24 million in the endowment was mostly donated …read more

Source:: Vancouver Sun

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