Japanese chemical company DIC Corporation announced in a press release Saturday that its board of directors had decided to “downsize and relocate” the Kawamura Memorial DIC Museum of Art, an institution in the city of Sakura, 25 miles northeast of Tokyo, that it owns.
In August, ARTnews reported that the company, which is severly in debt, was reevaluating the future of the museum.
In the press release, published December 26, the company said that the downsizing plan would see DIC Corp sell 25 percent of the 384 works in the museum that it owns. The total value of DIC Corp-owned works is $77.5 million, the company said in August. The museum would then relocate to “a facility in Tokyo that is accessible to many stakeholders and where the works of art can be more easily exhibited to the public.” The company is currently in negotiations with one location with the aim of reaching an agreement by March 2025.
Two other options discussed for the museum, according to the press release, were “maintaining the status quo” or “discontinuing operations.”
Built in 1990, the DIC Museum houses a collection of 754 artworks, including seven of Mark Rothko’s “Seagram Murals” and paintings by Cy Twombly, Pablo Picasso, Rembrandt, Claude Monet, Jackson Pollock, Andy Warhol, and Robert Ryman.
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