US art museum to get US$500 million masterworks donation from Hollywood mogul

Hollywood mogul Jerry Perenchio (left) and Michael Govan, chief executive and director of the Los Angeles County Museum of Art, pose following a news conference at the museum announcing Perenchio's donation of the largest collection of art in the his
Hollywood mogul Jerry Perenchio (left) and Michael Govan, chief executive and director of the Los Angeles County Museum of Art, pose following a news conference at the museum announcing Perenchio's donation of the largest collection of art in the history of the museum in Los Angeles, California Nov 6, 2014. Perenchio is donating works by Monet, Degas, Picasso and other artists, valued at US$500 million, in the largest gift ever made to LACMA. -- PHOTO: REUTERS

LOS ANGELES (REUTERS) - Hollywood mogul Jerry Perenchio is donating works by Monet, Degas, Picasso and other artists, valued at US$500 million (S$647 million), in the largest gift ever made to the Los Angeles County Museum of Art.

The 83-year-old former chairman and chief executive of the Spanish-language Univision TV network will donate at least 47 masterworks of Impressionism and Modernism, the museum said on Thursday.

These include paintings, works on paper and sculpture, mostly created between 1870 and the 1930s.

Three significant paintings by French Impressionist Claude Monet will be part of the gift, including a 1905 painting of water lilies.

The donation of Edouard Manet's portrait of "M. Gauthier-Lathuille fils" from 1879 will be the first painting by the French Impressionist to enter the museum's collection.

Other works include an early Cubist drawing by Pablo Picasso, as well as paintings by French cubist Fernand Leger and Belgian surrealist Rene Magritte.

The museum, which has one of the largest collections in the United States, would receive the works only after Perenchio's death and it must also have completed its new building, the Los Angeles Times said.

The new building by Swiss architect Peter Zumthor is set to be completed by 2023. Construction has yet to begin on the project.

Perenchio began his career in Hollywood as an agent before moving on to film and television production.

He is known for organising the 1973 "Battle of the Sexes" tennis match between Billie Jean King and Bobby Riggs.

Perenchio owns the rights to Blade Runner, and has blocked many DVD releases of the film due to marketing disagreements, according to imdb.com.

Forbes estimates his net worth at US$2.7 billion.