Public Art Project's Impact at $69 Million

"The work, commissioned by the Public Art Fund and presented in collaboration with the city, was the city’s most ambitious public art project since 'The Gates,' the February 2005 installation by Christo and Jeanne-Claude, who festooned Central Park with saffron-colored fabric.

And yet, the 'Waterfalls' were not unquestionably good."

"'We always knew the Waterfalls was going to reinvigorate our City’s waterfront — but its actual impact has exceeded our expectations,' Mr. Bloomberg said at a news conference at the Public School 1 Contemporary Art Center in Long Island City, Queens, where he was joined by other officials and by Mr. Eliasson. 'People didn’t buy tickets or pass through a turnstile to experience the Waterfalls, but this exhibition brought people to areas of the city they might not otherwise ever have visited. We’ve always understood that we have to encourage big, bold projects that set our City apart, and this will be increasingly important while areas of our economy are struggling from the turmoil on Wall Street.'"