Chagall Collateralization

The Metropolitan Opera of New York has faced a cash crunch like many other art institutions around the nation. Some have closed their doors while others have severely pared their offerings.

The Met has opted instead to use its famed Chagall artwork as collateral for lines of credit to keep operating.

The Met said last month its $300 million endowment had shrunk, along with donations. It cut senior staff salaries by 10 percent and dropped four performances from its next season.

The murals, titled "The Triumph of Music" and "The Sources of Music," are among the most famous works by a Russian-born artist who created everything from stained-glass windows at the UN to tapestries, mosaics, and theater costumes.