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Car Museum to Spend $100 Million on Books?
Since collectors let them borrow cars for free, the Petersen Automotive Museum plans to spend its most recent nine-figure endowment on educational programs.
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The Van Goghs and Rodins of the world have museums to showcase their heart-stopping art. So why not the Bugattis and Ferraris? That was the simple premise behind the founding of Los Angeles’ Petersen Automotive Museum in 1994. Create a home for classic cars in a city that was defined by them. The late Robert Petersen’s life was catapulted to financial fame thanks to a small hot rodding magazine that blossomed into an empire, and he was eager to dedicate a space to celebrating the art and impact of the machines that were responsible for his success.
But despite a great mid-city location and the best of intentions, the museum’s road was a rough one. Initially linked to the city’s National History Museum, wildly optimistic attendance figures were never met and there was a feeling that the non-profit enterprise could founder. Those fears, however, have just vanished. Margie Petersen, Robert’s widow, recently announced a $100 million gift to the museum that promises to permanently anchor “The Petersen,” as it’s known among car enthusiasts, to the L.A. firmament.
“Margie’s gift is nothing short of spectacular, and it allows us to immediately institute our five-year plan,” says Buddy Pepp, the museum’s executive director.
Specifically, he says there will be a full-scale interior and exterior renovation of the Wilshire Boulevard property, a development team will begin looking into starting an endowment, and staffing requirements will be revisited, with the hope of boosting some frozen salaries and even adding a few new positions.
