The Guggenheim and the Hermitage, two titans in world art, signed a long-term agreement in Russia on Tuesday to develop an international museum network and share their vast collections, the Associated Press reported on June 20.
The Solomon R. Guggenheim foundation operates museums and exhibits in the U.S. and Europe specializing in contemporary art.
The Hermitage in St. Petersburg, one of the world’s largest museums, owns more than three million works of art. The state-funded Hermitage has been seeking collaborations and sponsorship to compensate for a funding shortage.
The Hermitage hopes to revitalize its exhibits, drawing on the American museum’s expertise in exhibiting modern art.
The Guggenheim will use the partnership to expand its scope by displaying pieces from the Hermitage collection. The pieces would be displayed at the proposed new Guggenheim museum in Manhattan.
The two organizations plan to develop a new display space in St. Petersburg that would cost $100 million, according to a recent New York Times report.
For a full text of the article, go to the Associated Press.