Friday, September 17, 2010

N.Y. Board of Regents Approve Expiration of Restrictions on Art Sales by Museums

As reported in the New York Times, this week the New York State Board of Regents voted to let stand the looming October 8 expiration of emergency regulations that enjoin museums from selling art to fund operating costs.   State Education Commissioner David Steiner said that no consensus among the state’s museums had emerged concerning the advisability of extending the emergency regulations governing such “deaccessioning.”  The story states that the Board’s decision follows the stalling in the state legislature of a bill that would have prohibited cultural institutions from selling portions of their collections to meet operating expenses.  For more coverage of the bill and why it lost momentum, see this story in the New York Times.  For Fordham Law Professor Linda Sugin’s article on deaccessioning by university museums, see Lifting the Museum's Burden from the Backs of the University: Should the Art Collection Be Treated as Part of the Endowment?

JRB

http://lawprofessors.typepad.com/nonprofit/2010/09/ny-board-of-regents-approve-expiration-of-restrictions-on-art-sales-by-museums.html

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