The ICA is in trouble. Sixty years after it began its remit as a radical laboratory for contemporary arts, the Institute is steeped in cuts, redundancies and restructuring, resulting in possible closure by May. Artistic Director Ekow Eshun told the Guardian that the financial predicament has culminated after "a perfect storm of events that all came together". Namely the blurry waters of the recession. A fundraising gala that didn't raise as much as they had hoped. A significant drop in private corporate bookings for the venue's spaces and elegant stairwells.
Why is the Institute at sea? Where are the reserves? Are we revealing that London arts institutions have flimsy economic models and rickety revenue streams? Programmes that are responsive and provocative are at risk so let's examine..Would love to hear your thoughts.
That's really sad. The ICA is wonderful and it's obvious they've been doing everything they can to maximise income streams these past few years. I can't believe there isn't enough government funding to put its way - that's crazy.
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