From Urbanophile:
Nashville has been on a roll in recent years, with a rapidly growing population (including a rapidly expanding immigrant base), robust job growth (#1 among large cities in 2012 on a percentage basis), and lots of positive national press. I’ve been visiting about once a year in recent years and have always had a good time and been very impressed with the ambition level and positive change and growth.
But one symbol of the coming of age of Nashville, the nearly new Schermerhorn Center, home to the Nashville Symphony, is now an emblem of trouble, though perhaps less for the city than for classical music in general.
In short, the building is in foreclosure. Bank of America, which received more government bailout money than any other bank, is threatening to seize and auction the building for cash on June 28th. The Symphony’s auditor has given it a going concern warning, and bankruptcy is looking likely.
This would appear to be a strange turn of events for a town and a symphony on the rise. The Nashville Symphony was nominated for a slew of Grammy awards, at least one of which they won. Just last year the symphony’s president was talking about “a golden age of classical music” in the city. The Schermerhorn Center was a symbol of both the orchestra’s and the city’s ambitions to be taken seriously.
But there were warning signs from the beginning. A planned major endowment never materialized. With only $9.2 million in the endowment, the Nashville Symphony is effectively a pay as you go organization. Other orchestras can get up to a third of their budget from large endowments. The symphony also apparently borrowed a significant sum of money to build the structure and did not pre-fund it with donations. As noted by the University of Chicago report “Set in Stone,” cities across America pumped vast sums into cultural facilities in the last decade. Many of these are struggling in a post-crash world.
Also, as I’ve noted before, classical music is troubled, and the symphony orchestra is the most difficult type of classical music organization to reinvent because of its lack of multimedia experience a la opera, and its high costs. If orchestras struggle even in boomtowns like Nashville, that augurs poorly for their success elsewhere.
Also, it appears that outside of truly top tier cities like New York and Chicago, the symphony is no longer considered a must-have civic marker. At least not to the extent that local elites are willing to part with their own money to fund them. As we’ve gone to an ultra-casual world, and theories on urban success like creative class move explicitly away from traditional high culture, orchestras seem increasingly expendable. Cities want to keep one around to avoid looking bad, but they aren’t willing to ante up for true excellence.
In any case, this is one to watch, especially considering how great Nashville as been doing otherwise.
Here is more complete coverage from the Nashville Tennessean:
Nashville Symphony at risk of being silenced
It’s time to start freaking out about the symphony situation
Nashville Symphony faces a future of unknowns
http://www.tennessean.com/article/20130626/OPINION01/306260104/Saving-Schermerhorn-right-thing-do
Apparently foreclosure has been averted for now.
Auntie Martha Ingram to the rescue. “Take this deal, BOA, or I move all my and Ingram Industries business away from you.”