*Final approval for Broad museum

A committee of state and local officials signed off this morning on the billionaire's plan to build a downtown museum for his contemporary art collection. Following the vote by the Grand Avenue Authority, Broad announced that he would indeed build the museum on the downtown site. (Santa Monica and Bev Hills were two earlier contenders.) Broad also said that the NY-based firm Diller Scofidio + Renfro would design the museum. (AP, Curbed LA)

*Broad is hardly the first rich guy to consider building his own private art museum - what some have dubbed "ego-seums." From the Guardian:

The new trend comes as the art world sees a major sector shift. While state-funded institutions struggle with budget cuts and dwindling sponsorship, increasing numbers of private collectors are buying contemporary art. This has sent auction prices soaring, making it ever harder for public museums to compete. Countries as far flung as China and Mexico, Greece and Australia have collectors with grandiose plans for museums that reflect their private, often idiosyncratic tastes, although many of them seem to have a token Damien Hirst, Tracey Emin and Chris Ofili. Most do not charge admission, whereas public galleries in the UK now face the prospect of imposing entry fees.