Peabody Essex vaults into top tier by raising $550m
Both gallery space and endowment will be expanded
In 2016, visitors to the Peabody Essex Museum will see new galleries, a new restaurant and roof garden, and more. But out of sight will be something museum leaders say is even more essential: the firm financial footing of an enlarged endowment. The Salem museum has announced a fund-raising campaign and expansion plan that will make it one of the largest and most well-endowed art museums in Massachusetts. The museum has already raised $550 million - with plans to bring in $100 million more - in a campaign that is the biggest for any state museum.