Monday, February 8, 2021

Facing Deficit, Met Considers Selling Art to Help Pay the Bills

By Robin Pogrebin
“This is the time when we need to keep our options open,” said Max Hollein, the Met’s director. “None of us have a full perspective on how the pandemic will play out.”Credit...Lelanie Foster for The New York Times
Facing a potential shortfall of $150 million because of the pandemic, the Metropolitan Museum of Art has begun conversations with auction houses and its curators about selling some artworks to help pay for care of the collection. Like many institutions, the Met is looking to take advantage of a two-year window in which the Association of Art Museum Directors — a professional organization that guides its members’ best practices — has relaxed the guidelines that govern how proceeds from sales of works in a collection (known as deaccessioning) can be directed. [More