Met Still Running In The Red

New York’s Metropolitan Museum of Art ran a $3.2 million deficit for fiscal 2006, the museum’s fifth straight year in the red. In a clear effort to bring its budget under control, the Met hiked its admission fee to $20, and made good strides in boosting its endowment. The museum also sold off nearly $27 million worth of the art in its collection this year (compared to just over half a million the year before,) and spent only $34 million on new art (a third of what it spent in fiscal ’05.)