2 solomon r. guggenheim foundation �2005 annual report

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solomon r. guggenheim museum

guggenheim hermitage museum

peggy guggenheim collection

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� solomon r. guggenheim foundation 52005 annual report

In March, I was honored to be elected Chairman, and Jennifer Stockman was elected President. Jennifer— a contemporary art collector, accomplished businesswoman, and noted figure in national party politics— brings an extraordinary energy and commitment to her role. I could not think of a better partner as we have sought to strengthen the Board. This year I am pleased that we were able to welcome two new members: John Calicchio and David Ganek, each of whom brings to the organization a love of art, high-level busi-ness skills coupled with a demonstrable record of public service, and a keen desire to help the Guggenheim Foundation achieve even greater success. I would also like to thank Martin Gruss, David Koch, and Fred Reid, who retired from the Board in 2005 following several years of generous participation.

Two major goals were realized by the Board in 2005: The creation of a standing Development Commit-tee, led by Jennifer Stockman, and the initiation of a formal Strategic Planning process. The Development Committee undertook a thorough survey of fundraising practices at the Foundation, and has already identi-fied ways for the Board to more effectively participate in this essential task. one immediate result was the extraordinary success of our annual fundraiser, the Guggenheim International Gala, which far surpassed any previous single event in terms of its luster and its net financial contribution. In the fall, the Board met for a Strategic Planning retreat to determine the long-term plan for the institution in several areas, foremost the Foundation’s financial security, its international expansion, and the growth of the permanent collection. The Strategic Planning process will continue into 2006, at which time we will formally adopt a plan.

By the end of 2005, the Board had a demonstrably stronger team spirit than at the beginning. We are uni-fied in recognizing that the international profile of the Guggenheim Foundation is the feature that makes it distinct, and are confident that under the strong leadership of Thomas Krens it will realize even greater success. We are also cognizant that the Solomon R. Guggenheim Museum in new York is more than one museum in the network: It is central to the entire institution, and embodies the history and ideals that were put into place almost seven decades ago by Solomon R. Guggenheim. With the recent, well-deserved promotion of Lisa Dennison as director of the museum, we are certain that it will be in very good hands for many years to come.

William MackChairman, Solomon R. Guggenheim Foundation

ChAIRMAn’S REPoRT

IT IS A PRIVILEGE TO MAKE MY FIRST ANNUAL REPORT AS CHAIRMAN OF THE SOLOMON R. GUGGENHEIM FOUNDATION.

I know I share with my fellow trustees a tremendous pride in being closely associated with a foundation that represents innovation, excellence, and an abiding commitment to reach as broad an audience as possible in pursuit of its important mission to promote art and to educate the public.

The Guggenheim is a forward-looking institution, but it is also mindful of historical precedent as it charts its future. Looking back on the events and accomplishments of the past year, it is clear that as we faced many complex decisions, our traditions and core values were our most important guides. This was never truer than early in 2005, when the Board came together to consider a motion proposed by my predecessor as Chairman, Peter B. Lewis. Peter had come to the conclusion that it was time for the Foundation to turn away from its policy of international expansion and focus more resources on our new York museum; oth-ers passionately defended our international outlook as an essential quality of the Guggenheim’s identity, tracing its source to the 1970s, when Peggy Guggenheim gave the Solomon R. Guggenheim Foundation her palazzo and collection in Venice, and continued in the 1990s, when Director Thomas Krens, working closely with many committed leaders of the Board of Trustees, pursued and realized the Guggenheim Mu-seum Bilbao and the Deutsche Guggenheim in Berlin. After great consideration and heartfelt debate, the Board overwhelmingly voted to continue this longstanding policy and pursue new museums elsewhere in the world. Regretfully, Peter responded by resigning from the Board. he had served for 12 years, seven of those as Chairman, and during that time he made a series of donations that put him at the top ranks of the Foundation’s patrons. Indeed, just the year before, Peter made an extraordinary commitment of up to $15 million toward the much-needed restoration of the exterior of our Frank Lloyd Wright building. This led to an additional $5 million in contributions toward the restoration by other members of the Board. For Peter’s unparalleled generosity, and his passionate support for the Guggenheim during his years of service, we are all truly grateful.

� �2005 annual report

THIS HAS BEEN ONE OF THE MOST EVENTFUL—AND SUCCESSFUL—YEARS IN THE HISTORY OF THE SOLOMON R. GUGGENHEIM FOUNDATION.

our Board of Trustees elected new leaders; the professional staff of our new York museum has been reorganized under the direction of Lisa Dennison; our global attendance has increased for the third year in a row; our exhibition program excelled at all locations; and the permanent collection expanded with the addition of major works of art by contemporary masters. Add to that the fact that our financial health is better than it has ever been.

In his Chairman’s Report, Bill Mack acknowledges the extraordinary contributions Peter Lewis made during his tenure, and I would like to add my own tribute. Peter’s involvement with the Guggenheim focused on preserving, maintaining, and improving our most prized possession—the Frank Lloyd Wright building, which has become one of the icons of 20th-century architecture. his first major gift to the Guggenheim came in 1994, when he donated funds to restore our Wright-designed theater, which was renamed in Peter’s honor. Without doubt, the current restoration of the building’s exterior would not be underway without his commitment and generosity, and the public will benefit from his largess for generations to come.

I am delighted to work closely with Bill Mack and Jennifer Stockman and the rest of the Board of Trustees as we map out the future of the Foundation. I am especially grateful for the continued participation of members of the Guggenheim family who continue on the Board: Peter Lawson-Johnston, grandson of Solomon Guggenheim, our honorary Chairman, plays an ongoing and central role in the life of this institution, as do his daughter, Wendy L-J. Mcneil, Chair of our Governance Committee, and his son, Peter Lawson-Johnston II, who serves on several committees.

Throughout my tenure, I had dual responsibility as director of the new York museum and director of the Foundation. For several years, it became increasingly evident that the Guggenheim Museum in new York had matured to the point where it required its own dedicated director, a structure that was already in place at the Peggy Guggenheim Collection, where Philip Rylands has been director since 2000, and at the Guggenheim Museum Bilbao, which has operated under the able leadership of Juan Ignacio Vidarte since

solomon r. guggenheim foundation

1997. This past September, I recommended that Lisa Dennison, a 27-year veteran of the Guggenheim, be promoted from Deputy Director and Chief Curator to Director in new York, and the motion was adopted unanimously by the Board.

In the short time since, Lisa has dedicated herself to this position with tireless energy and devotion. She has quickly grown into the role, establishing herself in the profession and with the public as an effective, compelling advocate for art and for the institution. And the response to her in the press, within the institution, and among our supporters has been terrific. With Lisa at the helm, the Solomon R. Guggenheim Museum has a bright future. I look forward to working closely with her on the further growth of the museum.

Although new York is our base, and the Solomon R. Guggenheim Museum is our flagship institution, the Foundation remains committed to a broad international outlook. our pursuit of transnational communication and global cultural exchange—exemplified by the museums we operate in Spain, Italy, and Germany, as well as the art that we exchange with many countries—is stronger than ever. The Guggenheim’s approach is both respectful of difference and excited by it. We have pursued partnerships with governments and corporations throughout the world in order to develop museums, collections, exhibitions, and educational programs that are catalysts for things that have never before been seen and discourses that have never before been heard.

The Guggenheim transforms these abstract concepts into concrete reality again and again. A decade ago, one could scarcely have imagined that the Frank Gehry-designed Guggenheim Museum Bilbao, having so quickly established itself as an architectural wonder, would become the site of perhaps the most important sculpture commission of the modern era—Richard Serra’s monumental installation The Matter of Time, which was unveiled in June. our exhibitions are inspired by the notion that cultural narratives are endless; thus, our program has grown to encompass sweeping historical surveys like RUSSIA! (a tremendous critical and popular success), bold contemporary art like our recent series of performances by Marina Abramovic, and monographic exhibitions like the illuminating retrospective of the Basque sculptor Jorge oteiza. The permanent collection benefited enormously from the recent gift by Deutsche Bank of major works of art that had been commissioned for the Deutsche Guggenheim in Berlin, and now they are part of the Foundation’s collection.

The changes and accomplishments of 2005 have entered the historical record, but we never lose sight of the future. The overarching goals of the Foundation include developing new museums in Asia, Latin America, and the Middle East, and we are actively pursuing possibilities in each of these regions. Intertwined with this strategy is the goal of financial security. By the end of the year, the Foundation’s endowment, including pledges, was higher than almost any time in its history, which bodes well as we plan for the launch of a capital campaign that will insure our continued ability to fulfill our mission.

Thomas KrensDirector, Solomon R. Guggenheim Foundation

DIRECToR’S REPoRT

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solomon r. guggenheim foundation board of trustees

solomon r. guggenheim foundation

Honorary Trustees in Perpetuity Solomon R. Guggenheim Justin K. Thannhauser Peggy Guggenheim

Honorary ChairmanPeter Lawson-Johnston

ChairmanWilliam L. Mack

PresidentJennifer Blei Stockman

Vice-PresidentsFrederick B. henryWendy L-J. McneilStephen C. SwidMark R. Walter

DirectorThomas Krens

Treasurerhoward W. Lutnick

SecretaryEdward Rover

Honorary TrusteeMme. Claude Pompidou

Trustees Ex OfficioTiqui AtencioRobert Tomei

Director EmeritusThomas M. Messer

TrusteesJon AzuaRobert BakerPeter BrantJohn CalicchioMary CronsonGail May EngelbergDavid GanekFrederick henryThomas KrensPeter Lawson-JohnstonPeter Lawson-Johnston IIhoward LutnickLouise T. Blouin MacBainWilliam MackWendy L-J. McneilEdward MeyerVladimir PotaninStephen RossMortimer Sackler, Jr.Denise SaulTerry SemelJames SherwoodRaja SidawiSeymour SliveJennifer StockmanStephen SwidJohn Wadsworth, Jr.Mark WalterJohn Wilmerding

(as of December 31, 2005)

back row, left to right: Frederick Henry, Peter Brant, John Wilmerding; middle row: Jon Azua, Mortimer Sackler, Jr., Robert Tomei, Robert Baker, John Calicchio, How-ard Lutnick; front: Mary Sharp Cronson, Denise Saul, William Mack, Jennifer Stockman, Peter Lawson-Johnston, Wendy L-J. McNeil, Thomas Krens

�02 solomon r. guggenheim foundation �0�2005 annual report

IN HIS DIRECTOR’S REPORT, THOMAS KRENS REMARKS THAT THE GUGGENHEIM FOUNDATION’S FINANCIAL HEALTH IS BETTER THAN IT HAS EVER BEEN.

This strong statement can be justified by pointing out various highlights from our 2005 financial tables, such as a growing endowment, shrinking debt, and an increase in net assets. More to Tom’s point, though, is that over the past four years, the Foundation has instituted many important changes to its financial man-agement, leading to greater financial stability. As importantly, our Board of Trustees is engaged more than ever in its crucial roles of fiduciary oversight and fundraising.

At the Guggenheim, every person is working to achieve the goals articulated in the Foundation’s mission statement. Strong financial management is necessary to ensure those goals: the growth and care of the permanent collection, the proper stewardship of our landmark buildings, and the education of the public through our exhibitions, programs, and publications. This report seeks to explain how we implement our financial plan, integrating it as fully as possible with the mission of the Foundation.

The four pillars of our financial plan are risk-averse budgeting, diversity of income streams, tight expense controls, and long-term endowment growth. The vast majority of our annual expenses (74% in 2005) is directly attributable to mission-related programs, and keeping this percentage high is an ongoing com-mitment. We begin our budgeting process by listing our programmatic goals for the coming year, urging our curators, conservators, and educators to give the public as rich an array of offerings as possible, and to keep strengthening the permanent collection. After tallying up the projected costs, we consider how the program might impact our revenue streams—different exhibitions lead to different income possibilities, whether through admissions, corporate sponsorship, or retail sales. From a financial standpoint, a balanced program is one in which exhibitions with greater revenue potential help to make possible those exhibitions that, for one reason or another, don’t have the same funding sources. From a budgetary perspective, our most important duty is to isolate any aspect of the program that may entail a funding risk. The staff and the board monitor funding levels closely, and risk is minimized because no program is given a “green light” unless it is funded at the level specified in the budget. Moreover, the staff presents the Board with detailed scenario analyses, which allow us to anticipate the variables that may come into play during the course of the year, and adjust accordingly.

The Guggenheim is unique among cultural institutions because of its global presence. In 2005, the Board of Trustees reaffirmed the Foundation’s commitment to an international network of museums, which helps us to further our mission by reaching more people with our exhibitions and educational initiatives. This dif-ference has led to a greater range of income streams than any other museum. As a matter of fact, a very high percentage of our income is directly attributable to our international profile, which allows us to fund a more expansive program in new York than would otherwise be possible. In 2005, a great majority of exhibition sponsorship came from foreign corporations and governments, most notably from Mexico (for The Aztec Empire), France (The Eye of the Storm), Germany (The Hugo Boss Prize, Art of Tomorrow, and Robert Mapplethorpe and the Classical Tradition), Spain (Jorge Oteiza), and Russia (RUSSIA!). In addition, the Guggenheim’s network of museums has proven to be financially beneficial: management fees and net income from operations overseas directly reduce overhead expenses for the Foundation, and many effi-ciencies have been possible through shared programming, reducing expenses for us and for our partners.

Since 2002, the Foundation has shown extraordinary discipline in terms of expense management. Staff growth has been limited to our development departments and other positions focused on increasing reve-nues or reducing expenses. In addition, capital expeditures have been built into the operating budget and all exhibition and project budgets include overhead as well as out-of-pocket expenses. Rigorous expense plan-ning and monthly reporting of expenses against budget have consistently kept expenses within budget.

With tighter financial controls in place, our overarching goal is to make our annual revenues as dependable as possible. over the years, certain kinds of revenues have come to act like annuities for the Foundation, because they have proven to be dependable and predictable: these include admissions, retail net income (as a result of a strong focus on tight inventory management), annual giving from our Board of Trustees, income resulting from our network of museums, corporate membership, and, of course, investment income from our endowment.

At the end of 2005, our endowment was close to its highest historical level, and investment income is stron-ger than it has ever been. however, this area still presents the greatest challenge to the institution. In order to reduce reliance on variable income sources (most notably, corporate funding for exhibitions, which tends to be lumpy and comes from different sources each year), we must increase the annuity income derived

FInAnCIAL REPoRT

�0� solomon r. guggenheim foundation �052005 annual report

from the endowment. The only way to do that is to greatly increase the endowment. To that end, the Board has adopted a five-year plan to insure enough capital to generate income to cover downside scenarios.

Endowment income is crucial to support operations, but it is equally important for maintenance of our two greatest treasures: the Frank Lloyd Wright building in new York and the Palazzo Venier dei Leoni in Venice. As Lisa Dennison noted in her report, the Wright building is currently undergoing a major exterior restoration, funded by Peter B. Lewis, the Board of Trustees, and the City of new York. But a dedicated income-producing endowment for the building is necessary for the long run. Likewise, a similar annuity is crucial to insure that our growing permanent collection continues to receive the first-rate conservation and care that it deserves.

Looking ahead, the financial plan is an integral part of the Strategic Planning process initiated by the Board in 2005. This plan will formally lay out the broad direction for the Foundation in major areas such as inter-national expansion, capital campaign, collection growth, and communications. The Strategic Plan will guide the Board and staff as we strengthen the Foundation’s financial position—which in turn makes the robust pursuit of our mission possible.

Marc SteglitzChief operating officer

Summary of Financial highlights ThE SoLoMon R. GUGGEnhEIM FoUnDATIon Consolidated Statements of Financial Position December ��, 2005 and 200� 2005 2004Assets: Cash and cash equivalents $9,865,004 $11,745,930Contributions receivable, net 21,192,666 14,022,719Accounts receivable 1,597,476 2,437,179other receivables 2,038,674 1,951,970Inventories 2,208,378 2,517,701Prepaid expenses 387,003 749,380Deferred costs 287,826 316,850Investments 49,047,873 42,867,274Property, equipment and leasehold improvements, net 61,637,168 62,363,733Art collection 1 1

Total assets $148,262,069 $138,972,737

Liabilities and Net Assets:

Liabilities:Accounts payable and accrued expenses $11,724,909 $12,240,872Deferred income and other 8,360,830 2,847,683 Loan payable to Trust for Cultural Resources 22,000,000 23,500,000other loans payable 6,770,237 6,946,525

Total liabilities 48,855,976 45,535,080

net assets:Unrestricted 15,330,654 23,502,107Temporarily restricted 37,453,704 24,484,617 Permanently restricted 46,621,735 45,450,933

Total net assets 99,406,093 93,437,657

Total liabilities and net assets $148,262,069 $138,972,737

FInAnCIAL REPoRT

�0� solomon r. guggenheim foundation �0�2005 annual report

Note �: This summary was prepared by the Solomon R. Guggenheim Foundation (“the Foundation”) from its financial statements, which were audited by PricewaterhouseCoopers, LLP. The complete financial statements, including the related notes and auditor’s report, are available upon written request. Note 2: The Financial highlights include the Foundation’s accounts in new York City related to the Solomon R. Guggenheim Museum, the accounts maintained in Venice, Italy, for the Peggy Guggenheim Collection, and the accounts maintained in Las Vegas for the Guggenheim hermitage Museum. The Foundation’s financial statements are prepared on an accrual basis.

of 1990 Series A revenue bonds and $41,400,000 of 1990 Series B revenue bonds. The Trust loaned the proceeds of the issuance of the bonds to the Foundation. In 2000, the Foundation’s Series A revenue bonds were redeemed. While the bonds are not the debt of the Foundation, the agreement between the Foundation and the Trust obligates the Foundation to make payments equal to the debt service and sinking fund requirements, including any premium on redemption on the bonds. Payment of the principal and and interest on the bonds is collateralized by an irrevocable letter of credit issued by a bank. As of December 31, 2005 and 2004 the Foundation was in compliance with the financial covenants of the letter of credit.

Note �: All debt and equity securities are recorded at fair value determined on the basis of quoted market values. Realized gains and losses arising from the sale or other disposition of investments are determined by the first-in, first-out method. The Foundation’s investments in limited partnerships are valued at a current value published by the investment partnership where the general partner considers such value to be appropriate. The Foundation’s investment in senior secured bank loans are reported at cost, which approximates fair value.

Note �: Land, building, building improvements and renovations, leasehold improvements, and equipment purchased by the Foundation are recorded at cost.

normal repairs and maintenance are expensed as incurred. Depreciation, and amortization of fixed assets and assets under capital leases, are calculated by the straight line method over the estimated useful lives.

Note 5: In accordance with industry practice, art objects purchased, donated, and bequeathed are included in permanently restricted net assets at a value of $1.

Note �: In 1990, the Foundation entered into a loan agreement with the Trust for Cultural Resources (“the Trust”) primarily to provide long-term financing of the cost of construction, renovation and equipping of certain of the Foundation’s capital facilities. The Trust issued $13,500,000

Notes to the Summary of Financial Highlights

Summary of Financial highlights ThE SoLoMon R. GUGGEnhEIM FoUnDATIon Consolidated Statement of Activities Years Ended December 31, 2005 and 2004 2005 2004Operating support and revenue:Contributions, grants and bequests $19,514,199 $19,545,674 Membership income 2,274,349 2,188,081 In-kind contributions 2,347,388 211,867 Benefit and special event income, net of direct expenses 1,853,951 411,515 Admissions 16,073,161 15,740,956 Traveling exhibition fees, royalties and other 10,252,532 6,060,374 Investment return (including spending amount for operations) 1,620,871 958,936 Short-term investment income 80,998 14,095 Auxiliary revenues 8,966,752 9,519,342 Total operating support and revenue 62,984,201 54,650,840 Operating expenses:Museum programs:Exhibition and projects 15,558,693 13,061,548 Traveling exhibitions 2,654,789 2,814,493 Curatorial and collection maintenance 7,501,765 6,801,702 Visitor services 4,864,502 4,792,704 Education 2,571,839 2,471,574 Auxiliary expenses, including cost of sales 7,679,844 8,020,952Total program expenses 40,831,432 37,962,973

Supporting servicesManagement and general 10,929,978 10,049,656 Fundraising 3,676,299 3,525,156 Total supporting services 14,606,277 13,574,812

Total operating expenses 55,437,709 51,537,785 Operating support and revenueover/(under) operating expenses 7,546,492 3,113,055

Nonoperating activity:Contributions 4,419,974 1,791,683Realized and unrealized gains on investments 233,709 893,650Depreciation and amortization (4,478,848) (3,985,599)Interest and fees relating to debt (1,194,222) (983,958)Foreign currency translation (402,262) 204,507

Change in net assets before other changes 6,124,843 1,033,338

Change in net assets related to collection items purchased: Contributions 1,343,400 1,875,162Investment return (including spending amount for purchases of art) 100,000 33,107Collection items purchased (1,599,807) (2,068,394)

Change in net assets 5,968,436 873,213

net assets, beginning of year 93,437,657 92,564,444 net assets, end of year $99,406,093 $93,437,657

Summary of Financial highlights ThE SoLoMon R. GUGGEnhEIM FoUnDATIon Change in Net Asset Balances Years Ended December 31, 2005 and 2004 2005 2004

net assets, beginning of year $93,437,657 $92,564,444

Change in unrestricted net assets (8,171,453) (4,525,145)Change in temporarily restricted net assets 12,969,087 4,798,267 Change in permanently restricted net assets 1,170,802 600,091 Total change in net assets 5,968,436 873,213

net assets, end of year $99,406,093 $93,437,657

FInAnCIAL REPoRT

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Executive StaffThomas Krens, Director, Solomon

R. Guggenheim FoundationLisa Dennison, Director, Solomon

R. Guggenheim MuseumMarc Steglitz, Chief operating

officerAnthony Calnek, Deputy Director

for Communications and Publishing

Judith Cox, Deputy Director for Special Projects

Archives, Library, and Museum RecordsJennifer Aronson, Project

Processing ArchivistRachel Chatalbash, Project

ArchivistRebecca Clark, Library AssistantFrancine Snyder, Manager of

Library and Archive ServicesShannon Wearing, Library AssistantDonald Wynter, Project Archivist

Art Services and PreparationsDavid Aurandt, Project Art handlerPaul Bridge, Project Art handlerDavid Bufano, Manager of Art

Services and PreparationsJeffrey Clemens, Associate

PreparatorDerek DeLuco, Technical SpecialistMary Ann hoag, Lighting DesignerJohn holden, Project Art handlerBarry hylton, Senior Exhibition

TechnicianElisabeth Jaff, Associate Preparator

for PaperElizabeth Martin, Project Art

handlerColin o’neill, Project Art handlerChristopher Williams, Project Art

handler

ConservationClemencia Vernaza Albisser,

Project Conservator, Collections Survey

Elisabeth Barro, Project Photography Conservator

Julie Barten, Conservator, Exhibitions and Administration

Ryan hill, Education Program Manager, Adult Interpretive Programs

Kimberly Kanatani, Gail Engelberg Director of Education

Adele Kandel, Volunteer Coordinator

Elizabeth Lincoln, Education Coordinator, Public Programs

Jennifer nielsen, Education Coordinator

Marie Reilly, Education Program Coordinator, Learning Through Art

Sharon Vatsky, Senior Education Manager, School Programs

Christina Yang, Senior Education Manager, Public Programs

Exhibition ConstructionMichael Sarff, Construction

Manager

Exhibitions and Collections, Exhibition DesignMarcia Fardella, Chief Graphic

DesignerJanice Lee, Graphic DesignerAna Luisa Leite, Manager of

Exhibition DesignConcetta Pereira, Production

SupervisorMelanie Taylor, Exhibition Design

Coordinator

Exhibitions and Collections, Management and DesignMary hannah Byers, Exhibitions

ManagerPaul Kuranko, Electronic Art and

Exhibition SpecialistJessica Ludwig, Director of

Planning and Implementation, new York

Karen Meyerhoff, Managing Director for Exhibitions, Collections, and Design

Alison Weaver, Director of Program and operations, Affiliates

Scott Wixon, Inventory Project Manager

Allison Weinstein Krieger, Assistant for Data Entry

Gillian McMillan, Senior Conservator, Collections

Jacqueline Parrott, Conservation Coordinator

Carol Stringari, Senior Conservator, Exhibitions

CuratorialTracey Bashkoff, Associate Curator

for Exhibitions and CollectionsJennifer Blessing, Project CuratorKatherine Brinson, Curatorial

AssistantGermano Celant, Senior Curator of

Contemporary Art (offsite)Masha Chlenova, Project Research

Assistant, RUSSIA!Susan Davidson, CuratorMegan Fontanella, Project

Curatorial Assistant, InventoryCarmen Giménez, Curator of

Twentieth-Century Art (offsite)Alison Gingeras, Adjunct Curator

(offsite)Robin Goodman, Curatorial

AssistantVivien Greene, Associate CuratorValerie hillings, Curatorial AssistantEdward Mann, Collections

Curatorial AssistantMegan Morrison, Administrative

AssistantRobert Rosenblum, Stephen and

nan Swid Curator of Twentieth-Century Art

nancy Spector, Curator of Contemporary Art

Christopher Trotman, Curatorial Assistant

Karole Vail, Assistant CuratorJoan Young, Associate Curator

Curatorial—Film and Media ArtsJohn G. hanhardt, Senior Curator

of Film and Media ArtsCaitlin Jones, Project Research

AssistantMaria-Christina Villaseñor,

Associate Curator of Film and Media Arts

Development—CorporateLisa Brown, Corporate

Development Associatenic Iljine, Director of Corporate

Development, Europe and Middle East (offsite)

Min Jung Kim, Director of Strategic Development, Asia

nikola Simunovic, Director of Corporate Development, Americas

Jessica Warner, Manager of Corporate Membership

Development—IndividualJulia Brown, Associate Manager of

MembershipGiuseppina Marchetti Franchi,

Executive AssociateAbigail Lawler, Individual Giving

AssistantMichael Lum, Membership and

Gift Processing AssistantMeghann McKale, Associate

Manager of Individual Development

helen Warwick, Director of Individual Development

Cecilia Wolfson, Manager of Individual Giving

Development—InstitutionalKarin France, Institutional

Development CoordinatorRenee Schacht, Manager of

Institutional Development

Development—Special EventsPeggy Allen, Special Events

CoordinatorStephen Diefenderfer, Special

Events Manager

EducationJaclyn DeLamatre, Education

Program Coordinator, Learning Through Art

Rosanna Flouty, Education Manager for new Media

Rebecca Shulman herz, Education Program Manager

FabricationRichard Avery, Project FabricatorStephen Engelman, Technical

Designer/Chief FabricatorChristopher George, Project

FabricatorJohn hollingsworth, Project

FabricatorDavid Johnson, Project FabricatorPeter Read, Jr., Manager of

Exhibition Fabrications and Design

FacilitiesClotilde Donato, Administrative

AssistantIan Felmine, house ElectricianMohsen hasan, Watch EngineerFitzgerald hosine, Watch EngineerBoris Keselman, Chief EngineerMark Panicola, Watch EngineerRonal Steiner, Watch EngineerFred Taylor, Jr., Maintenance

MechanicRaymond Taylor, Maintenance

Foreman

FinanceMaureen Ahearn, Accounts Payable

AnalystYvonne Batson, Senior AccountantJenny Eng, Senior AccountantChristina Kallergis, Budget

Manager for Program and operations

Pater Lau, Financial AnalystKelly Rauch, Finance AssistantKarin Schiavone, Staff AccountantAnna Shadbera, Senior AccountantSari Sharaby, Senior Financial

AnalystIshar Sheikh, Staff AccountantTuty Taufan, Staff AccountantTina Travis, ControllerAmy West, Director of Finance

Foundation OfficeEkaterina Bernstam, Assistant to

the DirectorSarah Cooper, Administrative

AssistantMaryLouise napier, Deputy Chief

of Staff

Lori Mahaney, Registrar Assistant, Inventory Project

Jeri Moxley, TMS SpecialistJodi Myers, Associate Registrar,

out-going Loans

Retail AdministrationW. Edward Fuqua, Book BuyerDarcie LaFarge, Retail operations

CoordinatorKatherine Lock, Retail BuyerMichael Muccio, Retail operations

ManagerTyler Shaqiri, Web Sales

Coordinator

Retail StoresSivan Amar, Sales AssociateDawn Butler, Assistant Store

ManagerKendra Caldwell, Sales AssociateDaniel Cordua, Sales AssociateSarah hecko, Sales AssociatePatricia Isaacs-Ledna, Assistant

Store ManagerGeorge Kirkikis, Assistant Store

ManagerJennifer Lantas, Sales Associatenancy Lee, Sales AssociateLerida Mojica-Rodriguez, Sales

SupervisorAnna Murphy-Lang, Sales

AssociateJose nelson, Sales SupervisorPaulette newton, Sales SupervisorAnne Prim, Assistant Store

Managernatalie Willemsen, Sales Associate

Retail WarehouseDavid Browne, Stock AssociateRicardo Buchanan, Stock AssociateGerardo Gonzalez, Assistant

Warehouse ManagerLawrence Kendle, Jr., Shipping

AssociateWayne McKenzie, Warehouse

ManagerRandolph Thompson, Stock

Associate

Human Resourcesnina Chacko, Director of human

ResourcesPatricia Quintyn, human Resources

Manager for Employment

Information TechnologyChristopher Borkowski, Intranet

Portal DeveloperRichard Cherry, Director of

Information TechnologyRunaka Clarke, Senior network

EngineerAlexander Duncan, network

AdministratorAndrew Gorczycki, Customer

Relationship Management Integration Analyst

Jonathan Jessen, network Administrator

Paul McAlpine, help Desk Administrator

Danielle Uchitelle, Database Programmer/Analyst

LegalBrendan Connell, Associate

General CounselMaria Pallante-hyun, Associate

General Counsel and Director of Licensing

Stefanie Roth, Associate General Counsel

Dana Wallach, Assistant General Counsel

Ann Welch, Paralegal

MarketingMaria Greene, Marketing

CoordinatorLaura Miller, Director of MarketingAshley Prymas, Marketing Manager

Office ServicesSteven Cacciotti, Manager of

office ServicesAlin Paul, Mail Room CoordinatorJanet Puglisi, Project CoordinatorMark Wynter, office Services

Assistant

PhotographyKimberly Bush, Photography and

Permissions ManagerKathryn Carr, Assistant

PhotographerDavid heald, Director of

Photographic Services and Chief Photographer

Raphaele Shirley, Digital Imaging Assistant

Public AffairsBetsy Ennis, Director of Public

AffairsLeily Soleimani, Public Affairs

Coordinator

PublicationsElizabeth Franzen, Managing Editornora Fussner, Communications

AssistantDavid Grosz, Associate EditorMaria harrison, Web Production

AssociateStephen hoban, Assistant

Managing EditorElizabeth Levy, Director of

PublicationsMelissa Secondino, Production

ManagerEdward Weisberger, EditorCynthia Williamson, Associate

Production Manager

RegistrarMaria Paula Armelin, Project

Assistant RegistrarRosa Berland, Assistant RegistrarCarla Bianchi, Registrar Assistant

for Collections and outgoing Loans

Kaia Black, Project RegistrarMeryl Cohen, Director of

Registration and Art ServicesJennifer Eringis, Inventory RegistrarSeth Fogelman, Associate Registrar

for Collections ExhibitionsEllen holdorf, RegistrarAbigail hoover, Project Registrar

AssistantJill Kohler, Associate Registrar for

Collection Management

nEW YoRK PERSonnEL

solomon r. guggenheim foundation

��0 ���2005 annual report

Security—AdministrationMarie Bradley, Assistant Director of

SecurityChandra A. Eaton, Assistant

Security SupervisorRobert Fahey, Security SupervisorRobert W. Keay, Assistant Security

SupervisorKevin G. McGinley, Security

Manager, TSBTodd Murphy, Assistant Security

SupervisorJeffrey Pavone, Assistant Security

SupervisorRobert Rominiecki, Director of

Security and SafetyRaymond L. Taylor, Assistant

Security SupervisorTyrone Wyllie, Assistant Security

Supervisor

Security—Gallery StaffJames Adams, Gallery GuardEnnel Agyemany, Gallery Guardowusu Bempa, Gallery Guardhaim Ben-Zwi, Security GuardAnthony Buczko, Security GuardPatrick Chery, Gallery GuardRobert Clemente, Gallery GuardBimal C. Das, Gallery GuardTessa Dean, Gallery GuideAnthony n. Delvino, Gallery GuardJames Fultz, Gallery Guidenatalita Gerlinskaya, Gallery GuardEvelina Gildenberg, Gallery GuardRoydon Grant, Gallery GuardJamal hunter, Security Guardnatalie hunter, Gallery GuardLeJeune Jean-Baptiste, Gallery

GuardDavid John, Gallery GuardSvetlana Kantorovich, Gallery

GuardElina Kashlinskaya, Gallery GuardDavid G. Keay, Gallery GuardIrene Kieltyka, Gallery GuardWalter King, Security GuardJerry Lawrence, Gallery GuardWinston Ledna, Gallery Guardhenry Mack, Security GuardEduardo Martinez, Gallery GuardLorenzo McBean, Gallery GuardJunior McKenzie, Gallery Guard

Bruce Morris, Security GuardCarl Mullin, Gallery GuardCharles orth-Pallavicini, Gallery

GuardFelix Padilla, Gallery GuardLyonel Pierre-Antoine, Gallery

GuardWinston Pusey, Gallery GuardAbdul Rashid, Gallery Guardnadine Robinson, Gallery GuardSandro Rodorigo, Gallery Guardximena Rodorigo, Gallery GuardMario Rodriguez, Gallery GuardChristopher Rose, Gallery GuideKelley Schei, Gallery GuideEric Simpson, Gallery GuardBarbara Smith, Gallery GuardSergey Solomonov, Security GuardMartin Tischler, Gallery GuardDaniel Tsai, Gallery GuideAndrew Violenus, Gallery GuardJoseph Weiss, Gallery Guide

Special Projectsnicole Courtemanche, Project

CoordinatorAmy husten, Project ManagerDonald Millinger, Special CounselDonald Saff, Senior Curator for

Special Projects

Theater and Media ServicesAnna Lavatelli, Theater TechnicianMichael Lavin, Director of Theater

and Media Servicesnorman Proctor, Projectionist

Visitor Services—AdministrationMaria Celi, Director of Visitor

Servicesnicholas Golebiewski, Museum

operator and Sales AssistantFelicia Isabella, Visitor Services

Administrative AssistantKelly Robertson, Box office and

Group Sales CoordinatorYseult Tyler, Manager of Visitor

ServicesTrevor Tyrrell, Assistant Manager of

Visitor Services

Visitor Services—Desk StaffAnna Bloch, Visitor Assistant

Amy Canonico, Visitor AssistantKaren Codd, Visitor Services

Assistant Desk SupervisorAdrienne D’Angelo, Visitor

AssistantJonathan Goldberg, Visitor

AssistantLaurie harrison, Visitor AssistantSarah Steckel, Visitor AssistantJessica Ventura, Visitor AssistantAshlee Willaman, Admissions Desk

SupervisorBrian Wilson, Visitor Services Desk

Supervisor

DocentsConstance Aboudi Judith Anchel Margo R. Bowden Liza Clymer Pat Davidson Frank Dosne Kathy Francolini Judy Giuliano Maryl hitchings Peter howard Susan Klein Missy Lipsett Anne Meistrell Jean Mensing Laura Miller Sally Palat norma Palin Fanette Pollack Sylvia Resnick Daphne Rosendorff harriet Shapiro Joan Stern Patricia Tuori InternsRebecca AllenMiranda ApplebyAnne ArchenoulKate ArpenDesislara AstinovaLorraine AudricMiriam BaderKathryn BaroneSharon BenusBernhard BöhlerLinde BradyCaroline Cohen

Colleen CummingsUrsula DavilaGabrielle DecamousEliza FernieJoseph FestaAnik FournierLina hargrettLaurie harrisonCarolina hausmannJanelle hengeveldJane hoernerIlana holmesJason holtonAlyssa GrassoEva GrattaJessica GumoraMegha GuptaAdriana JimenezAnnah JonesMichelle JubinLiisa Kaakinenolivia KalinIrina KimTamera KingCheryl KinganAngela la SalleSuellen LeonardAlexandra LohsePaola LucenteRebecca MaretErin McnallyMarissa MillerMelissa MoralesDaniel Scott MorrisAnn nalloDaisy namAndrea navarroMaria nicanorScott niichelMarney PelletierFrederic PinaultBryony RobertsSindbad RumneyLauren SchellCatherine SerranoRebecca Sieferthadassa SigelMarie SkovVictoria SolanoAmanda StaufferCourtney StrimpleJean TormeyLara Torresi

Angela VinciMarisa WarrenDanielle Watson

VolunteersSonja Kuhn AebehardShi-hong AldinEnid AlvarezJulia ApplebaumJulie ApplebaumMarius Artiglierehyunjin BaeSara BairSusan BloomRuth BomelArnease BradfordAmy BrumlKent Bass ButlerJulie CahnAzul CeballosTina ChonMarla CookAlexandra CoutureLucia DeRespinisFrance DonnayRobert DonnelyCorneli Johanna EllersdorferFaith EnemarkRob FiersteinJennifer Figgehelen FriedFlorence FuerstMarie D. GadsdenJean GeaterMarcia GeierIrma GoldGail GoldbergEllen Goldwynhelen K. GonzalesBarbara GottesmanMarisa GranizoEllen GuggenheimKathy hammetnicole haroutuniaBrenda hicksJoanna hoganBurt holtzmanMelissa JohnsonJoshua KahlbergCarolyn KaplanJoanne KaufmanAnn Kimhenry Kim

Mildred KirschnerEllen KlebanoffRandy KleinRegina KronengoldSandra KrystalDmitri KyanGwenessa LamJoseph LapinskiMargaret Lautner Karen LimMelissa LolengSuzanne MartonErin McnallyVictoria MollerRyan MontgomeryEdward G. newmanElaine novickVicky oelbaumLea oishiBeth Parenatalia PastohuvaEverett PersonCarrie PetersonGloria PofcherKatherine France ProvousteLindsey QuitmeierWilla Mae RamirezMayida RurgharbelJean SaremskyJosefino SarmientoVirginia SchererMarlene Marcus SchultzAnnette SchwedLinda SegalJoan Gottlieb SiegelJohn SnookDiana Snowdonnigel SnowdonStephanie SpadyBuff SpitzViviane SteinfeldDru SusmanJennifer TabeekAmy TorgesonEd Trainahelen TrainaRoanna TrisdorferDonna TurianSabina VekslerVessala VentoDaniela ViolaLaura WagnerKristine Widmer

John WhiteJoan WhiteheadJoanne WilhelmKathleen YausLiza ZassenhausYesenia ZeaEsther Zipris

solomon r. guggenheim foundation

nEW YoRK PERSonnEL

��2 ���2005 annual report

Executive StaffPhilip Rylands, Director, Peggy

Guggenheim Collection

Archives, Library, and Museum RecordsRomina Franchin, Library InternSilvio Veronese, Librarian

Art ServicesSiro de Boni, Art handling and

Technical Services

ConservationPaul Schwartzbaum, Chief

Conservator

CuratorialLuca Massimo Barbero, Associate

CuratorFred Licht, Curator

Director’s OfficeValentina Furlan, Director’s

Secretary

EducationBenedetta Altichieri, A Scuola di

Guggenheim ProjectElena Ciresola, Coodinator, A

Scuola di Guggenheim ProjectShana Forlani, Education Assistant,

A Scuola di Guggenheim ProjectElena Minarelli, Education and

Visitor Services Coordinator Beatrice Pasquali, A Scuola di

Guggenheim ProjectMarina Pellanda, A Scuola di

Guggenheim ProjectGiovanni Zelano, A Scuola di

Guggenheim Project

External AffairsMartina Pizzul, Coordinator for

Individual Membership and Special Events

Claudia Rech, officer for Membership and Special Events

Alessandra Rubelli, officer for Corporate Development and Legal Affairs

Julia BurnsRuyman CabreraElisa CarrerIdoia CastroElena CatraValentina CefalùKostas ChantzopoulosBarbara CignoliniPauline CintratPeter Cobb-nilesValentina CoppolaIgnacio CuestaEdward CutlerChiara de LucaFrancesca de LucaErika di ChiaraGiuseppe di SalvoSilvia DonadiKathrine EckhardIgor EkstajnAnna ElsnerJuana EscobarVittoria FedericiElisa FerrarioStephanie FiertagAodhan Floydorly FriedmanElisa FuksasKristina GalikovaMarta GalindoVeronika Gamulinhelena GarciaAlberta GianquintoAntonio GioiaFrancesca GirelliFrancesca GiubileiAustin GoldinJennifer henzinina heydemannMeera hindochaClement hitchcockErin hydeStefanie IppendorfAndrzej JallubowskiSarah KennedyIrina KirchukTatiana KlacsmannJana KostovaAmanda KrantzDagmar KurschnerJann la Pointenatalia LeginowiczFederica Liberi

FinanceGabriella Andreatta, AccountantCinzia Marchetti, Accounting

AssistantLaura Micolucci, Chief Accountant

Information TechnologyRoger Zuccolo, Information

Technology and Technical Coordinator

PublicationsChiara Barbieri, Publications and

Special Projects ManagerSimone Bottazzin, Publications

Assistant

RegistrarSandra Divari, Registrar

Retail AdministrationRoberta Chiarotto, Book BuyerRoque Luna, Manager of Retail

operationsMattia Talli, Retail Administrator

Retail StoresMichela di PrimaValentina GoatinElisa Carolina haidbauerFrancesca PagliaruloElena Reggiani

SecurityRoberto BonPaolo GanzLuca MartinelliValerio naidiDaniele Regolinioliviero Scaramuzza

Visitor ServicesPatrizia Martignon, Entrance

SupervisorMatteo Sfriso, Entrance Assistant

DocentsDario Pinton, CoordinatorFrancesca BaccarinTommaso BenelliGiulia BeninatoAlessandra BertazzoloElena R. Brendstetter

Giulia CaminPaola CinquinaAnna ConsolatiElisa FabbrisMonica FabbroElisa FavarettoSara FavaroMarina FerraraChiara GaspariniSilvia GriggioIlaria LucchettiSilvia MissiatoManuela MomentèMariangela MonacoGloria nalettoSara PedriniFrancesca PiroElisa PreteGiorgia SalinitroAnna SerraiottoFederica TosatoCarla VarottoSilvia ZabeoPaola Zonta

InternsStephanie Abraitis Ekaterina AbramovaVirginia AcostaEleanor AdamsMarike AlbersAbigail AlgarRupert AllenBenedetta AltichieriMonica AmievaChristina AndroulidakiAshby AnglinStefan AquilinaEva ArmbrusterChiara Barbisannina BassPeter BellDavid BenforadoDaniel BernardoAlice BertholinSaviana BettinStefania BlaseottoLaura BobboFrancesca BonettaSilvia BottosoCaitlin BrightMirjam BrüsisJoanna Bruttell

VEnICE PERSonnEL

solomon r. guggenheim foundation

Pilar Espallardo LopezPauline LucetMeri Machin-RobertsMarina MajicChiara MarchiniStefania MarconiPamela Marinnadia MarxCarrie MaseredjianSimon McDonaldUrshila MehtaEllen MermansJames MerryMaria MileevaVirginia Moya-CarmonaMarcie MuscatLucia MussoMargherita naimAdriano nasuti-Woodharriet o’neillPiia oksanenEmmanuel ortegaKatharina ottoAnna PapastergiouEleonora PenzoRiccardo PillonGiulia PrettoCaitlin ProutyCamilla PurdonDiego RamellaAlison ReisnerManuela ReissmannKate Richmondolivia RickmanChristian RomanoStefania RossaFrancesco RossiAshley RotenstreichPatrycja RylkoArden RzewnickiLaurene SabaterValentina SalviatiSarah SchleiGabriele SchweizerClaire ScovilleChiara SerramondiMolly SheuRie-Lilli ShindoEmily SmithFlora SoamesSabrina SolemiGiulia SperandioSusanne Stiel

Morgan Sykes-JaybushAlessandro TagliaviniJennifer nahry TakWenny TeoCharlotte Thomasolivia ThorntonLaura TrelfordJananya Triam-AnuruckStacey TsibulskyCatharina van MosseveldeDaniela VaroneJesmond VassalloJose Vega-LoechesFederico VenturaPaula Vianihannah Watsonheather WirthFrances WuFrancesca ZanellaDaniel Zimbler Eileen Zuniga

��� ��52005 annual report

Director’s OfficeElizabeth herridge, Managing

Director, Guggenheim hermitage Museum

Art ServicesMaxwell Bromwell, Art handlerShawn hummel, Art Services

Project Manager

EducationEllen Alvord, Education ManagerSandra Rickards, Education

Coordinator

FacilitiesMardean Speck, operations/Retail

Manager

FinanceDavid h. hutton, Associate

Controller

Information TechnologyAlinta T. Giuca, Information

Technology Manager

RetailElvira D. Fernandez, Retail

AssociateJarred Patton, Retail AssociateKathy Powell, Retail AssociateRonald Stevenson, Warehouse

SupervisorDiana Vazquez, Retail Associate

SecurityJames F. Antonio, Jr., Lead Security

officerSerge E. Cooltschinski, Security

officerSalvador Fernandez, Security

officerAnthony Gurule, Security

Supervisor Dustin Gwin, Security officerAlbert E. hellriegel, Lead Security

officerClifton hill, Security officerYuriy G. hovakimian, Security

officerIra Jones, Lead Security officer

Ramona Lopez, Lead Security officer

Linda G. Luthi, Security officerThomas Molina, Security officer

Visitor ServicesDeborah C. Bakke, Visitor Services

AssistantAraceli P. DeLopez, Visitor Services

SupervisorDoris Fairchild, Greeternancy Gardner, GreeterRichard W. Schenk, Visitor Services

AssistantRobert Sperry, Visitor Services

Assistant

DocentsKatherine AnaniaJimmy BoringElizabeth ElliotAmanda GhanooniJane KahnMeagan KoflerYvonne LungFred o’hareEmmanuel ortegaGeorge PasterkBeverly SapersteinRobert Tracy

LAS VEGAS PERSonnEL

solomon r. guggenheim foundation

NEW YORK

Solomon R. Guggenheim Museum1071 Fifth Avenuenew York, nY 10128(212) 423-3500www.guggenheim.orgfri–wed 10 am–5:45 pm, closed thur

VENICE

Peggy Guggenheim Collection701 Dorsoduro30123 Venice, Italy(39) 041 2405-411www.guggenheim-venice.itwed–mon 10 am–6 pm, closed tues

BILBAO

Guggenheim Museum BilbaoAbandoibarra, 248001 Bilbao, Spain(34) 94 435-9080www.guggenheim-bilbao.estues–sun 10 am–8 pm, closed mon

BERLIN

Deutsche GuggenheimUnter den Linden 13–1510117 Berlin, Germany(49) 30 20 20 93-0www.deutsche-bank-kunst.com/

guggenheimfri–wed 11 am–8 pm, thurs 11 am–10 pm

LAS VEGAS

Guggenheim Hermitage MuseumThe Venetian3355 Las Vegas Boulevard SouthLas Vegas, nV 89109(702) 414-2440www.guggenheimlasvegas.orgdaily 9 am–8:30 pm

DIRECToRY

��� solomon r. guggenheim foundation

Copyright © 2006 The Solomon R. Guggenheim Foundation, new York. All Rights Reserved.

Solomon R. Guggenheim Foundation1071 Fifth Avenuenew York, new York 10128

DirectionAnthony Calnek

Editorialnora FussnerJason Brody

DesignChristine Sullivan

ProductionConcetta PereiraDiane Thibault

Photo ResearchKim Bush

PrintingJ.S. McCarthy Printers, Augusta, Maine

All personnel listed as of December 31, 2005.

Photo credits

Cover: David heald. 1: (top to bottom) Silvio Veronese; Erika Barahona Ede; Mathias Schormann; David heald. 4: Virginie Blachere. 6: Virginie Blachere. 8-9: David heald. 10: Jessica Chornesky. 13: David heald. 14: (top): David heald; (bottom) Alfonso Corona Blake and Manuel San Fernando, El Santo contra las mujeres vampiros (El Santo vs. the Vampire Women), 1962. 15–20: David heald. 21: Kathryn Carr. 23: © 2003 Richard Prince, Photo: David Regen, courtesy Barbara Gladstone Gallery. 25: Courtesy Matthew Marks Gallery, new York. 33: Courtesy Julie Saul Gallery, new York. 34: Richard Stoner. 38: Mathias Schorman. 40: David heald. 41: (left) Giorgio Columbo; (right) David heald. 42: (top) Virginie Blachere; (bottom) Ian-Duncan Ball. 43: (top) Virginie Blachere; (bottom) Christian Grattan. 44: Lee Walton. 45: Virginie Blachere 46: (top) ; (bottom) Virginie Blachere 47: (top) Photo: Jessica Chornesky; (bottom) Photo: Lois Greenfield 48: (top left) Virginie Blachere; (top right) Lisa Dennison; (bottom) David heald. 49–54: Virginie Blachere. 55: (top) Virginie Blachere and Patrick McMullan; (bottom) Patrick McMullan. 56: (top) Virginie Blachere; (bottom) Patrick McMullan. 57: Chi Chi Ubino. 58–59: David heald. 60: Peter oszvald. 62–63: Sergio Martucci. 64: Kathryn Carr. 66: Shana Forlani. 68–69: Shana Forlani. 71: (top) Giovanni Pandini; (bottom) Ruth Westen Pavese. 72–73: David heald. 74: Erika Barahona Ede. 76–78: Erika Barahona Ede. 79: Kathryn Carr. 80: Robert Polidori. 81: Erika Barahona Ede. 83–84: David heald. 85–87: Mathias Schormann. 88: Kathryn Carr. 90: Steve Double. 91: John hodgkiss, Photo Copyright: Deutsche Guggenheim, © William Kentridge. 92–93: David heald. 95: Alinta Giuca. 96: David heald. 97: (top) Kathryn Carr; (bottom) David heald. 98: Alinta Giuca. 99: (top) Jacob Andrzejczak; (bottom) Audrey Dempsey and Infinity Photo. 100: David heald. Inside back cover: © hiroshi Sugimoto. Back cover: © Robert Polidori. All rights reserved.

Copyrights

Photographs by Virginie Blachere, Kathryn Carr, Jessica Chornesky, David heald © Solomon R. Guggenheim Foundation. Photographs by Mathias Schormann © Deutsche Guggenheim, Berlin. Photographs by Erika Barahona Ede © FMGB Guggenheim Bilbao Museoa

All works of art by Yves Tanguy © 2006 Estate of Yves Tanguy/Artists Rights Society (ARS), new York. All works of art by Paul Delvaux © 2006 Artists Rights Society (ARS), new York/SABAM, Brussels. All works of art by Max Ernst © 2006 Artists Rights Society (ARS), new York/ADAGP, Paris. All works by James Rosenquist © James Rosenquist/Licensed by VAGA, new York. All works by Andy Warhol © 2006 Andy Warhol Foundation for the Visual Arts/ARS, new York. All art works by Vasily Kandinksy © 2006 Artists Rights Society (ARS), new York/ADAGP, Paris. All works by henri Matisse © 2006 Succession h. Matisse/Artists Rights Society (ARS), new York. All works by Pablo Picasso © 2006 Estate of Pablo Picasso/Artists Rights Society (ARS), new York. All works by Bruce nauman © 2006 Bruce nauman/Artists Rights Society (ARS), new York. All works by Willem de Kooning © 2006 The Willem de Kooning Foundation/Artists Rights Society (ARS), new York.

opposite: Hiroshi Sugimoto, Henry VIII, 1999, Solomon R. Guggenheim Museum

back cover: Installation view of Richard Serra, The Matter of Time, 2005, Guggenheim Museum Bilbao