City Journal describes the trouble New York City's cultural venues are experiencing and struggles they will face over the next two years. Some institutions became too reliant on endowment investment income and have seen losses around 35%. Coupled with that contributions are down while art supporters feel the economy tightening their own belts and the city contribution to institutions is predictably down. Lay-offs, reduced hours, reduced service and canceled exhibits are being seen all over the city. Unfortunately some smaller institutions close amid this economic terror for the arts.Sad times for the city. What is the impact on the tourist cache? Will institutions learn to be more conservative with endowment investments? Sphere: Related Content
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