New York's Met sets mandatory fee, a first in 50 years

New York - The Metropolitan Museum of Art is partially abandoning its "pay-what-you-wish" admissions policy that has made it an egalitarian destination for generations of art lovers.

Starting March 1, the museum will charge a mandatory $25 entrance fee to most adult visitors who don't live in New York State, the Met's president and CEO Daniel Weiss announced on Thursday. The admission fee will still be pay-what-you-wish for New Yorkers.

Weiss says the extra money - an estimated $6 million to $11 million per year - will help bring long-term fiscal stability to the institution. The Met, which has a $305 million operating budget, registered a shortfall of about $10 million for its most recently completed fiscal year.