{"id":266744,"date":"2025-11-06T15:00:07","date_gmt":"2025-11-06T15:00:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/266744\/"},"modified":"2025-11-06T15:00:07","modified_gmt":"2025-11-06T15:00:07","slug":"macrons-plan-for-louvre-overhaul-poses-significant-financial-risks-report-says-politico","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/266744\/","title":{"rendered":"Macron\u2019s plan for Louvre overhaul poses \u2018significant financial risks,\u2019 report says \u2013 POLITICO"},"content":{"rendered":"<p>Though <a href=\"https:\/\/www.politico.eu\/article\/louvre-heist-suspects-admit-involvement\/\" rel=\"nofollow noopener\" target=\"_blank\">arrests have been made<\/a>, the stolen goods have not yet been retrieved.<\/p>\n<p>Faced with a \u201cbudgetary impasse,\u201d the Louvre must \u201cprioritize\u201d and focus on \u201cinvestments that are crucial to its future, in particular the upgrading of technical infrastructure, especially safety and security,\u201d the auditors said in Thursday\u2019s report. <\/p>\n<p>The 154-page report, based on observations made between 2018 and 2024, notes that the Louvre increased its revenue by nearly 50 percent over that six-year period, but directed most of its new resources toward public-facing projects such as art acquisitions and temporary exhibitions.<\/p>\n<p>Meanwhile, the museum fell \u201cconsiderably behind\u201d on infrastructural investments needed to address the growing number of visitors.<\/p>\n<p>Macron\u2019s project for a New Louvre Renaissance, <a href=\"https:\/\/www.politico.eu\/article\/sidelined-politically-emmanuel-macron-turns-to-billionaires-to-help-pay-for-his-legacy-louvre-renovation\/\" rel=\"nofollow noopener\" target=\"_blank\">announced with much fanfare earlier this year<\/a>, has a total estimated cost of \u20ac1.15 billion, with \u201cmany risks of cost overruns given its complexity,\u201d according to the report. The project poses \u201csignificant financial risks\u201d and is based on a funding plan that is \u201cfragile, to say the least,\u201d the auditors said. <\/p>\n<p>Though Macron has said the cost would be covered entirely by the museum\u2019s own funds and private donors, the report noted that the project still carries a burden for public finances because of France\u2019s generous tax credits for patrons.<\/p>\n<p>The Louvre issued a statement criticizing the report\u2019s methodology, saying several of the highlighted shortcomings had already been addressed and arguing that the New Louvre Renaissance project is \u201cnecessary\u201d to \u201cbring durable solutions to the museum\u2019s structural problems.\u201d<\/p>\n<p>The French president\u2019s office and the Culture Ministry did not immediately respond to POLITICO\u2019s request for comment.<\/p>\n","protected":false},"excerpt":{"rendered":"Though arrests have been made, the stolen goods have not yet been retrieved. Faced with a \u201cbudgetary impasse,\u201d&hellip;\n","protected":false},"author":2,"featured_media":266745,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[449,458,459,64,63,2973,2331,460,4868,134,2592,52168,4217,5474,155819,16863,4206,93284,4961],"class_list":{"0":"post-266744","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-arts-and-design","8":"tag-arts","9":"tag-arts-and-design","10":"tag-artsanddesign","11":"tag-au","12":"tag-australia","13":"tag-courts","14":"tag-culture","15":"tag-design","16":"tag-emmanuel-macron","17":"tag-entertainment","18":"tag-france","19":"tag-french-politics","20":"tag-infrastructure","21":"tag-investment","22":"tag-rachida-dati","23":"tag-safety","24":"tag-security","25":"tag-surveillance","26":"tag-tax"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/266744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=266744"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/266744\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/266745"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=266744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=266744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=266744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}