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January 29, 2015

Economic Rebound Sends Art Museums on a Buying Spree

After years of reining in acquisitions amid the economic slump, art museums are again expanding their collections, the New York Observer writes in an article rounding up recent purchases by major institutions.

While some museums continue to pay millions for works by long-recognized masters, many are riding the rebound to build up holdings in underrepresented areas like photography and video, decorative arts, and work by minorities and artists from Latin America, Asia, and the Middle East.

"Donors have recovered their sense of financial well-being," said Michael Botwinick, director of the Hudson River Museum in Yonkers, N.Y. "Museum endowments are healthier, [and] donors and museum directors feel freer with money than they had just a few years back."