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Originally Posted by freerover
The problem is Austin’s lack of Fortune 500 HQs. Those are the companies and rich dudes that invest millions in the arts and leisure buildings in other cities. Sattalietr offices who employ contractors don’t generate the same kind of giving. Basically, it’s not enough rich people who view austin as their primary residence and that aren’t already retired.
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Generally speaking cultural amenities like great museums, zoos, or natural history facilities are endowed by very wealthy benefactors (and their charitable foundations) that may or may not include corporate entities. Sometimes it is relatively new money like Michael Dell or (up in Dallas) Ross Perot who step up with major funding. More often it is the second and third generation wealthy who form the backbone of most cultural institutions. Austin has produced massive wealth in the past 30 or so years, but most of the local major donors, aside from the Dell family and the Dellionaire Topfer family, are older money families. Other Texas cities like Dallas, Fort Worth, and Houston simply have more old money supporting major cultural amenities. Austin will come into its own sooner rather than later. A truly great large art museum is going to be a huge challenge. Hopefully there are local collectors who will bequeath significant art to the Blanton or the Austin museum, but acquisition of a first rate collection is probably never going to be affordable to a new or up and coming museum due to the insane cost of purchasing fine art in today's art market.