MILWAUKEE, WISCONSIN.- The Milwaukee Art Museum issued a statement after artdaily.com published a news story that the museum would guarantee a loan with art as collateral. The Milwaukee Art Museum  Statement on Financial Condition and Collection follows:



1. The Milwaukee Art Museum has not and will not use its collection as collateral for any loan.



2. The Milwaukee Art Museum’s financial condition is solid and healthy.  While our the cost of our expansion came in higher than budgeted, we have a plan in place to raise the needed funds.



3. The first year of the Milwaukee Art Museum’s expansion has been a tremendous success with more than 466,000 visitors attending the museum and close to 25,000 patrons are now members.  Our annual operating campaign continued to break previous levels.  And, income generating areas such as our retail store and space rental services are exceeding plan.