No Choo Choo for Lacma; Koons Project Derailed

From today’s Bloombergnews:

The recession has derailed a Jeff Koons sculpture involving a replica of a 1944 Baldwin locomotive with an estimated cost of $25 million, making it one of the most expensive public art projects ever undertaken.

Scheduled to arrive at the Los Angeles County Museum of Art in 2011-2012, the “Train” project got pushed to 2014-2015 when the stock market plunged last year, erasing 23 percent of Lacma’s endowment and forcing it to rethink budget priorities, the museum said. It could be canceled altogether if the museum doesn’t come up with necessary funding.