The director of the Guggenheim Bilbao, Juan Ignacio Vidarte, has admitted that the museum lost €4.2 million of public money when it purchased Richard Serra’s The Matter of Time (2005) using US dollars rather than euros to buy the work. An investigation and audit also uncovered the embezzlement of over €480,000 by former Guggenheim chief financial officer Roberto Cearsolo.

From the Art Newspaper:

Although museum officials declined to comment on the ongoing internal investigation and lawsuit filed against Mr Cearsolo by the Guggenheim, a press release issued by the ­institution states that on 11 April the museum received a letter delivered by Mr Cearsolo’s attorney with the former CFO’s signed confession. Included with the written admission of guilt was a cheque for over e250,000 and Mr Cearsolo’s promise to repay the balance of misappropriated funds. The scandal has led Basque officials to contemplate a series of reforms over how public funds at the institution are spent.

The Independent has their version here, and CFO.com has their version here.

Related posts:

1. Former Guggenheim Bilbao Exec Sentenced to Prison
2. Guggenheim Settles With Malevich Heirs
3. Systematic Dismantling of the Rose?
4. Museum Sues ex-Officer for Embezzlement
5. Deaccessioning Roundup