Selling Endowment Art

In an effort to meet rapidly rising costs, many universities are selling artwork that was donated to their endowments.  The problems this is causing are described in Siobhan Morrissey, Art of the Sale, ABA J., Aug. 2008, at 11.

Here are some the interesting points made in her article:

• Randolph College (Lynchburg, VA) trustees wanted to sell several pieces of artwork from their museum perhaps earning as much as $50 million.  Instead, a lawsuit claimed the sale would violate the donors' intent.
• Fisk University (Nashville, TN) wanted to sell artwork donated by Georgia O'Keeffe.  A lawsuit followed which was settled with an art-sharing arrangement estimated at being worth $30 million to the school.
• Thomas Jefferson University (Philadelphia, PA) wanted to sell a piece of artwork it bought for $200 for $68 million.  The community was outraged and community foundations matched the offer.