A New Art Gala: The British Museum's Inaugural Ball

Likewise, extravagant balls are also not within the fundraising budget for these lesser-known institutions. The Metropolitan Museum of Art’s 2024 gala cost more than $6 million to stage, and although it brought in a record-breaking $31 million, that payout came at an enormous cost. About four dollars were raised for every dollar spent. Even smaller events can rack up many thousands of dollars in staging costs.

The British Museum expects about 800 guests, almost twice as many as the Met, at its pink-themed gala inspired by a soon-to-close exhibition of ancient South Asian devotional art. This all falls strategically at the end of Frieze Week when deep-pocketed collectors descend upon London for an annual art fair. The hope is that at least some will still have resources remaining for a silent auction to benefit the museum’s international partnerships. Proceeds will also go towards bringing the Bayeux Tapestry from France to Britain for a much-anticipated 2026 exhibition.

Planning for the ball has not gone unchallenged. The event is co-chaired by British Museum Director Nicholas Cullinan and heiress-philanthropist Isha Ambani, whose family owns the natural resources and petrochemical conglomerate, Reliance Industries. Environmental groups, such as Culture Unstained, have been vocal in their disapproval of the company’s ties to the British Museum. But, even as other cultural institutions, like the National Portrait Gallery, end partnerships with fossil fuel companies, the British Museum has seemingly doubled down, signing a £50 million sponsorship deal with BP in 2023 to support a £1 billion redevelopment project.

Some UK museums have instead turned to endowments as a less controversial source of funding. In June, the Tate announced an US-style endowment fund at its own annual gala. The Tate Future Fund aims to raise £150 million by 2030 for the support of exhibition programs and research in perpetuity. American museums collectively hold more than $40 billion in endowments, but the practice is still relatively rare in Europe. Not unlike galas, endowment funds are expensive to set up and manage, so they remain out of reach for most museums.

Fundraising continues to be one of the most pressing challenges for both American and British museums in an era of government funding cuts and economic uncertainty. The British Museum’s upcoming gala will be a telling test of to what extent private donors are willing to close the public funding gap.