The Indianapolis Museum of Art expects an Andy Warhol exhibit this fall will draw 40,000 people, helping it offset a predicted
$2 million drop in revenue from its endowment in the next fiscal year.
The Warhol show opens Oct. 10 and runs through Jan. 2. It will feature more than 100 works in a wide range of media and cover his career from the 1950s to the 1980s. Much of the work will be on loan from the Andy Warhol Museum in Pittsburgh. The PNC Foundation, the corporate foundation of Pittsburgh-based PNC Financial Services, is a major sponsor.
IMA CEO Max Anderson has said a successful fall exhibit would be one way to help the museum balance its budget in fiscal year 2011, which begins July 1.
Museum spokeswoman Katie Zarich said the museum staff hasn't completed its revenue projections for "Andy Warhol Enterprises." The general admission price will be $14, but IMA members will be admitted free. The museum has about 9,300 members.
The IMA's last fall exhibit, Sacred Spain, featured free admission and drew 69,218 people. The last exhibit that charged admission, Power and Glory in 2008, drew 29,696. Attendance for the Warhol exhibit is predicted to exceed that exhibit by 25 percent.
The endowment is decreasing its payout to IMA due to investment losses in 2008 that forced the museum to reduce its annual "draw rate."
IMA expects to get about $16.4 million from the endowment in the 2011 fiscal year, accounting for 69 percent of the museum's total revenue.
The endowment was valued at $324.3 million on March 31.