Arts offer philanthropists greater visibility than other causes

Posted on: June 30, 2010

In Sunday’s (6/27) Crain’s New York Business, Miriam Kreinin Souccar writes, “People who regularly read New York’s daily newspapers are likely to know that oil and gas billionaire David Koch donated a whopping $100 million a few years back to renovate the New York State Theater at Lincoln Center. And many have heard that Wall Street financier Stephen Schwarzman ponied up $100 million for the New York Public Library, which is renaming its Fifth Avenue flagship after him as a thank-you. But when New York investment managers Fiona and Stanley Druckenmiller last year gave $100 million to NYU Langone Medical Center to establish a neuroscience unit, the donation failed to make headlines. … A source close to the Druckenmillers says the couple is ‘traditionally very quiet about their giving.’ Yet there’s another reason why they stay under the philanthropic radar: They don’t give to the arts. … Philanthropy pros say giving to arts groups garners the most attention because their buildings are visible landmarks throughout the city for both residents and tourists.”

Posted June 30, 2010