Connect with us

Hi, what are you looking for?

Jewish Business News


How Peter Gelb fixed the Met’s Accounts

Peter Gelb announced last week that the Met had turned a $22 million annual deficit into a $1 million surplus. How?

Peter Gelb - Youtube

There was muted acclaim for Peter Gelb’s announcement last week that the Met had turned a $22 million annual deficit into a $1 million surplus, despite a continuing box-office decline. Credit where it’s due: he has balanced the books.

But three caveats remain.

  •  Saleroom observers point out that Gelb has been selling the company’s silver – specifically a piece of jewellery made in 1855 for Empress Eugenie, wife of Napoleon III, and donated to the met by the singer Lucrezia Bori. It fetched $2, 330, 929 last October at Christie’s Geneva. Without that sale, Gelb would have been in deficit again.
  • Next, still fighting a widening gap, Gelb plans to sell naming rights to the Met’s space at Lincoln Center.
  • Thirdly, union negotiators are demanding to know why he took the company to the brink of closure in summer 2014 when he had all these assets to call in. Some are accusing him of outright deception.

Gelb has pulled off a balancing trick, but it’s not a triumph, let alone a long-term solution. The Met cannot carry on losing subscribers to death and disinterest. It has to find a winning new formula to place it once more at the centre of New York’s attractions. Nothing in Gelb’s latest announcement suggests he has scratched the surface of that crisis.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at
Thank you.

This article was first published at Slippe Disc, by norman lebrecht 



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The Movie The Professional is what made Natalie Portman a Lolita.


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.