Thursday, July 29, 2010

Brandeis University signs on with Sotheby’s to Lease Art

Excerpts from an article by Ellen Howards in the "Boston Herald" on Sunday, July 11, 2010:

Debt-plagued Brandeis University has signed a contract with famed auction house Sotheby’s to lease rather than sell off works from its $350 million art collection.

The leasing deal is aimed at generating cash without breaking up the school’s renowned Rose Art Museum, which brims with prized modern and contemporary works.

“The Sotheby’s news is huge, it’s a great step forward for us,” said Roy Dawes, director of Rose Museum operations. “I hope it’s the solution to a difficult situation.”

Leasing deals are not unknown in the art world. The Museum of Fine Arts, for example, leased a large number of its prized Monets in 2004-05 to the Bellagio Gallery of Fine Art at Las Vegas’ Bellagio Casino. Even if the Rose’s choicest works were leased out for years, the museum still would own them.

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