In these difficult economic times, what's a museum to do? Is an art collection a financial asset or a trust to be held in perpetuity? These questions are being raised by The National Academy
in New York's recent sale (or "deaccessioning" in museum lingo) of two important paintings for $15 million to shore up its finances, first reported by Lee Rosenbaum's ArtsJournal blog.
The museum's director told The New York Times
that it was the only way for the 183-year-old academy, which runs a chronic operating deficit, to survive. The Association of Art Museum Directors censured the Academy
and called on its members to suspend any loans of art to the institution. New York lawyer Donn Zaretzky's ArtLaw Blog has
become ground zero for a fascinating debate involving art critics, museum directors, financial bloggers and others.
posted by up in the old hotel
on Jan 7, 2009 -