A heavy debt load borrowed on high-risk financial instruments pushed the Asian Art Museum of San Francisco to the brink of bankruptcy. This could have been avoided.

“As art museums have expanded in the past few decades, Cassandras have warned that one day there would be a none-too-pretty reckoning. With easy money, stratospheric ambitions, hometown pride and trustee egos all at work, many arts institutions—like many homeowners—overreached.”

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