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TIDA approves temporary loan of five Miguel Covarrubias murals to Bank of Mexico's cultural foundation
Summary
The Treasure Island Development Authority authorized a temporary loan of five murals by Miguel Covarrubias to Fomento Cultural Banamex for a Mexico City retrospective. Staff said the borrower will cover transport, insurance and installation costs; the loan was reviewed by the city attorney and the risk manager.
The Treasure Island Development Authority on March 2025 approved a temporary loan of five panels from Miguel Covarrubias's 1939 "Pageant of the Pacific" mural set to Fomento Cultural Banamex, the Bank of Mexico's cultural foundation, for a retrospective exhibition in Mexico City.
Peter Somerville, TIDA staff, briefed the board on the murals' provenance and condition, noting the authority owns five of the six original panels and has long sought opportunities for public display. He said the loan term runs from March 24, 2025, through Oct. 10, 2025, with exhibition dates set for April 23 to Sept. 21, 2025, at the Palacio de Cultura in Mexico City. "Financial responsibilities are all on the borrower," Somerville said, adding that the borrower will cover wall-to-wall transport costs and insurance.
Somerville told the board the loan agreement had been reviewed by the City Attorney's Office and the authority's risk manager, and that required installation and transit insurance policies were in place. He also flagged a collection-level note: the authority holds five panels of the original six; the sixth panel, "Art Forms of the Pacific," has an uncertain trail between New York and the Ferry Building exhibit in the 1950s and remains missing.
Director Richardson moved to approve the loan agreement and the Treasure Island director seconded. The board approved the staff recommendation by voice vote.
Board members and staff framed the loan as a cultural-exchange opportunity and a way to place the murals in a major retrospective while maintaining stewardship responsibilities. Somerville said the authority's long-term aim remains a public installation on Treasure Island when conditions and space permit.
Next steps outlined by staff included finalizing loan paperwork, confirming insurance and transport logistics with the borrower, and posting the loan terms to the authority's public records.
