An audit report conducted by France’s Court of Auditors has revealed that the Centre Pompidou’s economic model is unsustainable. The museum is facing financial strain due to an ongoing renovation project of its primary institution in Paris and the establishment of a new branch in Massy, France.
President of the Court of Auditors, Pierre Moscovici, conveyed concerns to Le Monde, stating, “At the moment, let us say, the Centre Pompidou does not have the means to finance its development and investment projects on its own.” Moscovici emphasized a “message of extreme vigilance” directed towards the museum and France’s Ministry of Culture, which is responsible for its oversight.
The audit report covers the Centre Pompidou’s finances from 2013 to 2022, highlighting significant challenges. During this period, the museum completed renovating its flagship building designed by Renzo Piano and Richard Rogers. This renovation, scheduled to commence in 2025, necessitates the museum’s closure for at least five years. The construction of a new storage and exhibition space in the Paris suburbs, set to open in 2026, has added to the financial strain.
The renovation project costs €358 million ($383 million). However, due to delays, an internal restructuring estimated to cost at least an additional €200 million ($214 million) has become necessary. The institution must secure these funds independently by early 2025 at the latest. It has raised €39 million ($42 million) towards this goal.
The Massy space is projected to cost €254 million ($271 million), with an additional €142 million ($152 million) attributed to the undervaluation of expenditures and inflation, as outlined by the auditors.
Unlike most Parisian museums, ticket revenue is low, with 2.62 million admissions in 2023; attendance has not returned to 2022 or pre-pandemic levels. The magistrates expect the museum to operate at a loss of €15 million ($16 million) while undergoing renovation work.
