Mona (Museum of Old and New Art) in Hobart, Tasmania, has accumulated $408 million in losses since opening in 2011, with $63 million lost in 2023-24 alone. Founder David Walsh, who is completing a $100 million expansion, stated he is "completely happy with the finances" and never intended the museum to be profitable. Walsh outlined potential cost-saving measures like raising ticket prices and scaling back festivals, but said he won't implement them himself, leaving that to future leadership.
This matters because Mona is a major cultural and economic driver for Tasmania, generating an estimated $135 million annually in local economic activity and supporting 1,285 jobs. Walsh's willingness to sustain massive personal losses challenges conventional art museum business models, raising questions about the sustainability of philanthropically funded institutions. The ongoing expansion and Walsh's succession plans involving his wife, artist Kirsha Kaechele, signal that Mona's unconventional approach will continue, even as the museum trims staff and festivals.