Jerry Perenchio LA County Man Gives $500 Million Worth In Art To Los Angeles Museum

The Los Angeles County Museum of Art is about to get a very nice present from mogul Jerry Perenchio. The 83-year-old businessman is donating some very famous works from Monet, Degas, and Picasso amongst others for the museum to put on display. This will be the biggest donation that the institute has ever received in their history.

According to Straits Times, the former chief executive of the Spanish cable channel Univision will be donating paintings, sculptures, and sketches from the years between 1870 and 1930. There will be at least 47 different works that will be taken in by the museum.

Perenchio, described as a very private person, has collected the works for over 50 years, and the museum is very grateful for the donation.

"In sum, this collection comprises the greatest gift of art to LACMA in its history," Michael Govan, the director and chief executive revealed to the Associated Press.

According to The Washington Post, the gift will come with some strings as Perenchio has agreed to hand over the works at the time of his death only if the museum finishes construction on a new building.

"For over 35 years I've been making charitable donations anonymously," the art collector told The Wrap. "I decided to go public because I believe it's important for Los Angeles County and LACMA to help make this new building possible."

He is also hoping that his contribution will open the door for others to do the same.

"I hope my donation to LACMA will encourage others to do the same," Perenchio explained. "A big part of the heart and soul of any city is the dedication and commitment to the arts."