March 6 (Bloomberg) -- Bank of America Merrill Lynch will fund the restoration of five Tel Aviv Museum of Art paintings by Marc Chagall, who was deeply involved in the Israeli institution’s establishment.
The paintings are “Musician with the Red Beard” (1919); “Jew with Torah” (1925); “Lovers” (1929); “The Wailing Wall” (1932); and “Solitude” (1993), three of which were donated by Chagall to the museum.
“We believe that understanding cultures through the arts is an important foundation for promoting innovation and tolerance in an increasingly integrated world,” Rena DeSisto, global arts and culture executive at Bank of America, said in a statement e-mailed today.
The Charlotte, North Carolina-based bank’s restoration project provides grants to museums around the world to conserve significant works of art that are in danger of degeneration, the lender’s website said.
“In these economically challenged times, and as art conservation consumes ever greater portions of tightened museum budgets, the need for private arts funding has become even more critical,” Yoram Inbar, country executive at Merrill Lynch Israel, said in the release. The statement did not specify how much money was donated.
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