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    This Year’s Met Gala Raises the Most Money in Its History

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    The Met’s annual fashion party has become a fund-raising juggernaut, but the lavish event comes with a price tag of its own. How much bang does it get for its buck?The Met Gala has outdone itself, even before it’s begun.The annual gala at the Metropolitan Museum of Art — the flashy fashion extravaganza that highlights the city’s social scene every May — raised a record $31 million this year, museum officials announced on Monday, the biggest gross in the event’s 77-year history.The money haul — and the avid interest the gala inspires — further cements its place as the pre-eminent benefit among the city’s cultural institutions, and one the world’s most sought-after tickets. The Met’s take dwarfs events like a September gala for the New York Philharmonic (which brought in nearly $4 million) and the 2024 event for the Whitney Museum of American Art, which raised some $5.2 million.The $31 million figure does not reflect the seven-figure cost of staging the gala, which will kick off on Monday evening with the procession of pop stars, fashion icons and sporting-world superstars striding the red carpet, enduring countless flashbulbs, and surrounded by a swarm of publicity and eager onlookers.The gala will act, as always, as the opening of a Costume Institute exhibition: This year’s is entitled “Superfine: Tailoring Black Style,” examining 300 years of Black fashion and the vibrant history of Black dandyism.That emphasis is a significant departure from the department’s largely monochromatic past: This is the Met’s first fashion exhibition devoted entirely to designers of color, and is being seen as part of a larger effort to diversify the collection. It is also a rarity for its focus on men’s wear.As such, it drew an array of Black celebrities to help host the event — including Colman Domingo, Lewis Hamilton, ASAP Rocky and Pharrell Williams. LeBron James, whose Los Angeles Lakers were bounced from the N.B.A. playoffs last week, is the honorary chair.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Says He Will Put 100% Tariff on Movies Made Outside U.S.

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      Declaring foreign film production a national security threat, the president said he had asked his top trade official to start the process of imposing a tax on Hollywood.President Trump said he would impose a 100 percent tariff on movies “produced” outside the United States, proclaiming in a social media post on Sunday that the issue posed a national security threat. Mr. Trump said he had authorized Jamieson Greer, the United States Trade Representative, to begin the process of taxing “any and all Movies coming into our Country that are produced in Foreign Lands.” Mr. Trump added, “This is a concerted effort by other Nations and, therefore, a National Security threat.”The Motion Picture Association, which represents the biggest Hollywood studios in Washington, declined to comment. The association’s latest economic impact report, based primarily on government data and released in 2023, showed that the film industry generated a positive U.S. balance of trade for every major market in the world.As is often is the case with Mr. Trump’s declarations on social media, it was not entirely clear what he was talking about. Did he mean any movie, including independent foreign-language films destined for art house cinemas and movies that play exclusively on streaming services?Would such a tariff apply only to movies receiving tax incentives from foreign countries — or to any movie with scenes shot overseas? What about postproduction visual effects work? A single superhero movie can often involve a half-dozen or more specialized firms scattered around the world.Technically speaking, the vast majority of movies shown in American cinemas are produced in the United States — scripts written, preproduction planning handled, principal actors cast, footage edited and sound added. But Hollywood has increasingly turned to foreign locales for the cameras-rolling part of the moviemaking process because, as with so much traditional manufacturing, it is much cheaper.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      How Art Stars Are Made

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      We explain how a few big players wield enormous influence in the art world.Museums provide the first draft of art history. They decide which artists get to share wall space with masters like Michelangelo, Rembrandt and Picasso.Choosing which artists to exhibit requires museums to consider ultrasubjective questions about, say, the artistic merit of a painting or the historical relevance of a sculpture. The task has traditionally fallen to curators, who maintain their scholarly independence and grapple with the complexities of mounting shows.But in recent years, museums have increasingly turned to another source for logistical and, at times, financial support for their shows: major commercial art galleries.The scale of these partnerships was largely unexamined until now. This morning, The Times published an analysis by my colleague Julia Halperin and me of more than 350 solo exhibitions by contemporary artists in New York’s biggest art museums over the last six years.We found that nearly a quarter of those exhibitions featured artists who were represented by just 11 major galleries. These were no ordinary mom-and-pop dealerships but “mega-galleries,” as professionals call them — an elite slice of the art world that accounts for a sizable chunk of the $57.5 billion art market.In today’s newsletter, I’ll explain how the increasingly close relationship between museums and commercial galleries is shaping whose work is shown to the public.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      The World Bank Pivoted to Climate. That Now May Be a Problem.

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      The Trump administration’s deep cuts to clean-energy programs are raising concerns about U.S. commitments to the lender.As the Trump administration imposes deep cuts on foreign aid and renewable energy programs, the World Bank, one of the most important financiers of energy projects in developing countries, is facing doubts over whether its biggest shareholder, the United States, will stay on board.While the Trump administration has voiced neither support nor antipathy for the bank, it has issued an executive order promising a review of U.S. involvement in all international organizations. And Project 2025, the right-wing blueprint for overhauling the federal government, has pressed for withdrawal from the World Bank.If the United States were to withdraw, the bank would lose its triple-A credit rating, two credit-rating companies warned in recent weeks. That could significantly reduce its ability to borrow money. Roughly 18 percent of the bank’s funding comes from the United States.In an interview, Ajay Banga, the bank’s president, said his institution was fundamentally different from the aid agencies, such as U.S.A.I.D., that the Trump administration has been cutting. And he used some of the administration’s own talking points to argue the case: Investment in natural gas and nuclear power is good, he said, and the development projects funded by the bank can help prevent migration.He also said that the bank makes money and shouldn’t be seen as charity from U.S. taxpayers.“The World Bank is profitable,” he said, noting that it more than covers its own administrative costs even if most of its projects are designed to yield slim returns. “It’s not as though we take money every year from taxpayers to subsidize us and our salaries.”The concern about the bank’s future is heightened as the second Trump administration doubles down on its repudiation of climate projects and promotes an accelerated expansion of U.S. oil and gas projects.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Joann, the Arts and Crafts Chain, Will Close 500 Stores Across U.S.

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      The announcement came one month after the company’s second bankruptcy filing in less than a year.Joann, the financially troubled arts-and-crafts retailer, announced Wednesday that it was preparing to close 500 of its 800 remaining stores after its latest bankruptcy filing.The announcement came one month after the eight-decade-old company filed for bankruptcy for the second time in less than a year, as consumers pull back on spending. If the District of Delaware Bankruptcy Court gives its approval, the company said in a statement that it would shut underperforming stores across the country, from New York to Alaska.“This was a very difficult decision to make, given the major impact we know it will have on our team members, our customers and all of the communities we serve,” the company said in an emailed statement.Joann, whose outlets were once called Jo-Ann Fabrics, is based in Hudson, Ohio. The chain has long sold art supplies, such as yarn, sewing machines, fabrics and other seasonal products. The company currently has stores in 49 states.In March 2024, Joann filed for bankruptcy to reduce debt, resulting in the publicly-traded company’s being taken into private ownership. That initial filing closed in August 2024.The retailer continued its downward spiral after a short-lived boost during the pandemic. The company said on Wednesday that it faced “significant and lasting challenges in the retail environment, which, coupled with our current financial position and constrained inventory levels, have forced us to take this step.”Going-out-of-business sales at stores could start as early as Saturday, according to a customer FAQ shared by the company.The retail chain is also seeking court authorization to stop accepting gift cards both online and in stores within the next two weeks. Joann has already stopped selling gift cards and no longer accepts them on its website. Returns will stop being accepted two weeks after the court’s approval of Joann’s restructuring plan, the company said.J. Edward Moreno More

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      Boeing Seeks to Line Up Billions in Financing as Strike Goes On

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      The aerospace giant said it could raise as much as $25 billion in debt or equity over the next three years, including a $10 billion line of credit.Boeing on Tuesday announced steps to improve its financial position as costs mounted and a strike by its largest union entered its second month.In two regulatory filings, the company said that it could raise as much as $25 billion by selling debt or stock over the next three years and that it had entered into a $10 billion credit agreement with a group of banks, which it has not yet drawn on.“These are two prudent steps to support the company’s access to liquidity,” the company said in a statement. The banks are BofA Securities, Citibank, Goldman Sachs Lending Partners and JPMorgan Chase.The moves come days after Boeing revealed about $5 billion in new costs and announced a restructuring that included plans to cut 17,000 jobs, or 10 percent of its work force.The strike, which began a month ago, is costing the company tens of millions of dollars a day, according to various estimates. Most of the workers who walked out are involved in production of commercial airplanes, bringing much of that work to a virtual halt, though one major airplane program is manufactured at a nonunion factory in South Carolina.Talks between the company and the union representing 33,000 striking employees, the International Association of Machinists and Aerospace Workers, broke down last week, with Boeing retracting its latest contract offer and each side blaming the other for intransigence.Julie Su, the acting labor secretary, visited Seattle on Monday to meet with Boeing and the union, the union said in a statement.The strike is very likely costing Boeing about $1.3 billion in capital a month, according to calculations by Sheila Kahyaoglu, an analyst at Jefferies, the investment bank. Given those costs and its need for more debt, raising $10 billion by selling new shares would provide the company “considerable flexibility,” she added.Last week, S&P Global Ratings also said it was considering lowering Boeing’s credit rating, depending on how long the strike lasts, to junk status, a downgrade that would raise Boeing’s borrowing costs. The company’s debt totals nearly $58 billion, up from about $9 billion a decade ago.And the chief executive of one of the world’s largest airlines, Tim Clark of Emirates, said recently that Boeing could be forced to seek bankruptcy protection if it was not able to issue more shares to improve its financial position. “Unless the company is able to raise funds through a rights issue, I see an imminent investment downgrade with Chapter 11 looming on the horizon,” Mr. Clark told The Air Current, an aerospace news publication. More

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      A Bargain at the Opera: Philadelphia Offers All Seats for as Low as $11

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      Seeking new audiences, Opera Philadelphia is putting in place a pay-what-you-can model, one of the first of its kind by a major opera company.In Philadelphia, a night at the opera may now be cheaper than going to the movies.Opera Philadelphia, a company with a reputation for innovation and ambition, announced on Tuesday that it was putting in place a pay-what-you-can model for the 2024-25 season, with all tickets for all performances starting at $11. The initiative, which the company calls Pick Your Price, is aimed at attracting new audiences.“People want to go to the opera, but it’s expensive,” said Anthony Roth Costanzo, the celebrated American countertenor who became the company’s general director and president in June. “Our goal is to bring opera to more people and bring more people to the opera.”It immediately proved popular. On Tuesday, the day the initiative was announced, Opera Philadelphia said it sold more than 2,200 tickets for the coming season, compared with about 20 the day before. The tickets were originally priced at $26 to $300.High ticket prices have long been a barrier to audiences, and especially to newcomers. In recent years a number of performing arts groups, including Lincoln Center, the Chicago Sinfonietta and Ars Nova, the Off Broadway incubator, have experimented with pay-what-you-can approaches. Other opera companies have experimented with discounts, including rush tickets and deals offered to young people. But Opera Philadelphia’s approach was one of the boldest yet.Its website explains that all tickets start at $11 but that people will be given the option of choosing to pay much more, including the standard price.Like many nonprofit performing arts organizations, Opera Philadelphia gets much more of its revenue from philanthropy than through ticket sales. Radically lowering the prices could encourage more donations, which will no longer risk being seen as subsidizing an expensive art form that is out of reach for many people. And Costanzo said that the new model would allow the company to concentrate more on staging interesting works, and less on worrying about ticket sales.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      New York Will Allow Mount Sinai to Close Beth Israel Hospital

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      The health facility’s potential closure had been contentious following the shuttering of other hospitals serving Lower Manhattan.The New York State Department of Health has agreed to allow a major hospital in Manhattan to close, which would leave many downtown residents farther away from emergency medical care.The fate of the hospital, Mount Sinai Beth Israel, has been up in the air since 2016, when its parent hospital system first announced a closure plan. The hospital survived for years, kept alive by community activists who filed lawsuits to keep it open, as well as by the coronavirus pandemic, which filled its beds with critically ill patients.Over the past year, however, the parent hospital system, Mount Sinai, renewed its push to close Beth Israel, claiming the facility was losing so much money that the losses threatened the entire hospital system, one of the city’s largest.On Thursday the State Health Department, which evaluates hospital closure proposals, said that it had approved Mount Sinai’s plan to close Beth Israel, with several conditions.The conditions are aimed at ensuring that nearby hospitals aren’t overwhelmed by the increase of patients expected after Beth Israel closes. The hospital, at 16th Street and First Avenue, treated just under 50,000 patients last year, and handles about 6 percent of all emergency room visits in Manhattan. Once it closes, many of those patients will most likely land at Bellevue or NYU Langone Health, two hospitals both several blocks up First Avenue from Beth Israel.The Health Department said Beth Israel must fund an expansion of the emergency room at Bellevue, the flagship of the city’s public hospital system. Another condition is that Beth Israel must run an urgent care center, open 24 hours a day, 7 days a week, for three months.The state’s decision removes a major hurdle standing in the way of Mount Sinai’s closure, but for the moment, the hospital must stay open: It still faces a lawsuit challenging the closing, and a judge has ordered the facility not to reduce its medical services in the meantime. But many doctors and nurses have left over the past year to find more secure jobs elsewhere. At times, care has suffered and patients have been rerouted to other hospitals because Beth Israel is no longer able to respond to strokes and some other medical emergencies.A spokesman for the Mount Sinai hospital system, Loren Riegelhaupt, said in a statement that Beth Israel would remain open and accept patients, for now.Beth Israel was founded in 1889, initially as a dispensary serving mainly Jewish immigrants on the Lower East Side. It grew into a major Manhattan hospital, but has struggled in recent years.The past 20 years have seen the closure of two large nearby hospitals: Cabrini in the Gramercy Park neighborhood and St. Vincent’s in Greenwich Village.In a letter to the state health commissioner on Thursday, a longtime health activist, Mark Hannay, wrote that allowing the closure to go forward risked leaving “a dangerous gap in availability of emergency care in Lower Manhattan.” More

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      Biden Team Set to Raise Record $28 Million at Hollywood Fund-Raiser

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      President Biden flew from a gathering of world leaders in Italy to Los Angeles to appear along with Barack Obama, George Clooney, Julia Roberts, Jimmy Kimmel and others.President Biden’s campaign expects to collect more than $28 million at a gala Los Angeles fund-raiser packed with celebrities on Saturday night in a Hollywood show of force. Mr. Biden left a meeting of world leaders in Italy on Friday, skipping the final dinner to fly to Los Angeles for the fund-raiser, which will feature former President Barack Obama, the actors George Clooney and Julia Roberts and the late-night talk show host Jimmy Kimmel. Air Force One touched down in Washington only long enough to refuel for the continuing flight and landed in Los Angeles on Saturday morning.The travel across 10 time zones illustrated the competing presidential and political demands on Mr. Biden’s time as the campaign against former President Donald J. Trump accelerates. Aides said the taxing schedule made clear that even at age 81, he still demonstrates the endurance to manage his many duties.The $28 million haul anticipated from Saturday’s event was set to break a party record, overtaking the $26 million Democrats brought in from a fund-raiser in March in New York featuring Mr. Biden along with Mr. Obama and former President Bill Clinton.While Mr. Biden and the Democrats have outpaced Mr. Trump’s team in donations for much of the campaign, Republicans pulled in $50.5 million at an event in Palm Beach, Fla., in April, and said they raised a total of $141 million in May, matching what Mr. Biden and Democrats raised in March and April combined.Tickets for the Democratic event at the Peacock Theater run from $250 for grass-roots supporters to $500,000 for a four-seat package. The film and television industry has long been a financial bulwark for the Democrats, but organizers hoped to use Saturday’s fund-raiser to bolster Mr. Biden’s coffers and demonstrate his strong support among some of the nation’s most recognized figures.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More