Delaware Art Museum to Sell Art to Pay Debts

THE NEWS-JOURNAL
By Margie Fishman

"Mary Magdalene" (1859) by Frederick Sandys

DELAWARE---In a rare move, the Delaware Art Museum will sell as many as four works of art, valued at $30 million, to repay debt from a facilities expansion and replenish its endowment, museum leaders announced Wednesday. Museum CEO Mike Miller said the "last resort" board action was necessary to avoid closing the museum. He acknowledged that the decision could damage the museum's reputation nationwide, resulting in possible loss of accreditation and professional sanctions that would bar the museum in the short-term from loaning or borrowing works from other museums. The move could also hamper the century-old Delaware museum's efforts to recruit a new director. Museum leaders declined to name the specific works that will be auctioned off within six months, but they said they were selected to have "minimal impact" on the museum's 12,500-piece collection. [link]