In 2008 the Museum of Contemporary Art was rapidly approaching bankruptcy when Eli Broad, the billionaire collector and arts patron, offered a $30 million bailout gift.  As part of that bailout, the museum’s directory, Jeremy Strick resigned his position in December of the same year.

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It has recently been announced that Jeffrey Deitch, a renowned art dealer and commercial gallery owner, will become the new MOCA Director.   Mr. Deitch has long worked as a private dealer and founded his gallery in 1996, as well as worked for a brief stint at Sotheby’s managing its 20th-Century Art Gallery Program.  Jeffrey Deitch ran his New York gallery, Deitch Projects, “like an art center, with historic exhibitions where only minor things were for sale”.  However, he will be leaving his commercial ventures behind in preparation for his new post at MOCA.

Other names rumored for the position included, Tobias Meyer, who runs Sotheby’s contemporary art department worldwide, and Samuel Keller, the international art fair impresario.  The museum’s search committee seemed to be looking for a new direction for the prominent 30-year-old non-profit organization.

The Ney York Times quoted Mr. Broad saying, “It’s time to redo the old museum model. The world has changed.”