Met Opera Considers Selling Iconic Chagall Murals

The company may sell the $55 million paintings, but with the condition that the buyer would have to agree to leave them in place.

Published on Jan. 30, 2026

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The Metropolitan Opera is considering selling its two iconic Marc Chagall murals, The Sources of Music and The Triumphs of Music, which have been part of the opera house's public face since it opened in 1966. The company is facing financial struggles and has previously used the $55 million paintings as collateral for loans. While selling the murals would provide much-needed funds, the Met is exploring options to keep them on public display, such as a shared ownership arrangement with other institutions.

Why it matters

The Chagall murals are beloved cultural landmarks in New York City, and their potential sale has raised concerns about public access to important artworks. The Met's financial troubles highlight the challenges facing major arts institutions, and the story explores creative solutions to preserve these iconic works while generating revenue.

The details

The Met has previously pledged the Chagall murals as collateral for loans from banks like JP Morgan, Bank of America, and Citibank, unlocking millions in funding. However, the company's latest loan from Citibank comes due in October, and the bank may require additional collateral if the Met cannot repay the debt. In a worst-case scenario, the lender could potentially have recourse to the paintings. The Met has also reported significant deficits in recent years, with a $46.9 million shortfall in the fiscal year ending July 2024.

  • The Met Opera's latest loan from Citibank comes due in October 2026.
  • The Met reported a $46.9 million deficit in the fiscal year ending July 2024, the third consecutive annual shortfall since the institution took out the loan in 2021.

The players

Metropolitan Opera

A major performing arts institution in New York City that is facing financial struggles and considering selling its iconic Chagall murals.

Marc Chagall

The renowned artist who created the two 30-by-36-foot murals, The Sources of Music and The Triumphs of Music, that have been part of the Met Opera's public face since 1966.

Peter Gelb

The general manager of the Metropolitan Opera, who has stated that the company may sell the Chagall murals with the condition that the buyer would have to agree to leave them in place.

Evan Beard

The former head of Bank of America's art services group, who provided insights on how arts institutions can use valuable artworks as collateral for loans.

Marc Porter

The chairman of Christie's Americas, who helped structure a deal to keep a valuable Eakins painting in Philadelphia when a local medical school sought to sell it.

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What they’re saying

“It's a rare circumstance that an art institution has an asset this valuable that is not core to its mission.”

— Evan Beard, Former head of Bank of America's art services group (artnet.com)

“Maybe every two years they are at Lincoln Center, and every two years they are, I don't know, in Saudi Arabia, or some place else.”

— Marc Porter, Chairman of Christie's Americas (artnet.com)

What’s next

The Met Opera is seeking a personal guarantee from its board or individual patrons in order to extend its loan with Citibank, which comes due in October 2026. If the company cannot repay the debt, the bank may have recourse to the Chagall murals as collateral.

The takeaway

The Met Opera's potential sale of its iconic Chagall murals highlights the financial challenges facing major arts institutions and the creative solutions that may be needed to preserve important cultural assets while generating revenue. The story explores options like shared ownership arrangements that could allow the murals to remain on public display.