University Business - May 2008 - (Page 45)

Art Appreciation Institutional leaders need to approach the prospect of selling art-related assets with open communication and careful study. BY MICHELE HERRMANN Picture this: Major auction houses such as Christie’s assist in appraising art-related assets and advising higher ed officials about public or private sales. Christie's Images LTD. 2008 Your college has been facing a cash-rich, cash-poor battle for decades, and the possibility of its doors closing seems imminent. To halt the cycle, the board of directors turns to what its members think may be the best option for dealing with these ﬁnancial ails—approving the sale of art in your school’s collection. In real life, oﬃcials at Fisk University (Tenn.) made that decision, involving two paintings from its Alfred Stieglitz Collection of Modern American and European Art, to aid its ﬁscal struggle. Named for Alfred Stieglitz, a photographer and husband of painter Georgia O’Keeﬀe, the 101-piece modern art collection came to the historically black college in 1949 as a gift from O’Keeﬀe, with the pieces from her late spouse’s estate. Fisk was one of six institutions—and one of only two collegiate ones—to receive a share of his work. The university’s portion includes sculpture, prints, and photographs by 29 acclaimed American and European artists such as Stieglitz, Pablo Picasso, and Pierre-Auguste Renoir. The move to sell the art stirred up an over two-year legal tug of war with the Georgia O’Keeﬀe Museum in Santa Fe, N.M., on the argument that O’Keeﬀe had requested the collection be kept together. In March, according to published reports, a judge ruled that Fisk broke the terms of O’Keeﬀe’s donation by intending to sell the two paintings and because they weren’t on display. One of these paintings is O’Keeﬀe’s 1927 Radiator Building— May 2008 | 45 universitybusiness.com http://universitybusiness.com

Table of Contents for the Digital Edition of University Business - May 2008

University Business - May 2008
Contents
College Index
Company Index
Advisory Board
Editor's Note
Stats Watch
People Watch
Sense of Place
Viewpoint
Money Matters
Financial Aid
Human Resources
Community Colleges
Art Appreciation
HR Directors Speak Out
Marketing: The Big Questions Answered
Top 5 Reasons You Should Attend EduComm 2008
What's New
Calendar of Events
End Note

University Business - May 2008

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