Music: Shoring Up

The Met seeks $100 million

Financially speaking, most U.S. opera companies—like most U.S. arts institutions of any kind—are built on a sort of San Andreas fault. Each year they can expect some crevasse to open up between income and expenses. This gap can be filled in on a year-to-year basis through contributions. But for shoring up the foundation over a longer period, there is nothing like an endowment: a large chunk of money tucked away in solid investments. The annual income from the investments (nowadays from 8% to 10%) cushions deficits, while the principal...