The Metropolitan Opera in New York faces a $30 million deficit after a $200 million funding deal with Saudi Arabia collapsed. The Saudi government withdrew from the agreement, which would have sent Met performers to the Royal Diriyah Opera House for three weeks each February, citing economic pressures from the Iran War and the blockage of the Strait of Hormuz. To address the shortfall, the Met is considering selling two monumental Marc Chagall paintings—The Sources of Music and The Triumph of Music (1966)—valued at $55 million, along with other options like selling naming rights or seeking a similar deal with another country.
The potential sale of the Chagall murals, which have hung in the Met's lobby for sixty years, underscores the severity of the institution's financial crisis and the growing reliance of major cultural organizations on international partnerships and asset sales. The collapse also highlights the geopolitical risks of such deals, as shifting economic and political conditions in the Gulf region can abruptly disrupt long-term funding commitments. The Met's situation reflects broader challenges facing arts institutions in an era of volatile private and international funding.