Why a reclusive billionaire decided to give $500 million in art to L.A. museum
As a junior talent agent at MCA a half-century ago, Jerry Perenchio was assigned to accompany British actor Charles Laughton as he toured the U.S. giving staged theatrical readings.
In his off-hours, Laughton wanted to visit art museums, and Perenchio went along with him. A lifelong fascination with art had begun, and as Perenchio rose in the entertainment industry — ultimately becoming chairman of Univision Communications — he used his wealth to amass some of the world's greatest art.
At his Bel-Air home Wednesday, the 83-year-old Perenchio said that he will be giving almost all of it — at least 47 works valued at $500 million — to the Los Angeles County Museum of Art.
"L.A. is my home, and I wanted to leave it to a museum here," he said.
The bequest, which would go into effect after his death, comes with one big string attached: The museum must first complete construction of its new building, which is planned for 2023. The Los Angeles County Board of Supervisors on Wednesday approved in concept a plan that would provide public financing and $125 million toward the $600-million project, although key hurdles remain before construction can begin.
Times art critic Christopher Knight said Perenchio's bequest of works from the 19th and 20th centuries would be a significant addition to the museum's holdings.
"The terrific paintings by Monet, Leger and Magritte, for example, will add important dimensions to canvases by those artists already in LACMA's collection," Knight said. "Several of the numerous works on paper are especially intriguing — the Manet portrait, a very unique mixed-media Degas. LACMA's collection has been rather weak in Cubist art, which was critical to the whole 20th century, so early Picasso drawings like the 'Head of Fernande' ... are a very welcome addition."