U of I study advocates against selling painting
Posted: Sunday, October 05, 2008
IOWA CITY, Iowa (AP) -- Selling a prized Jackson Pollock painting would hurt the University of Iowa's chances of borrowing art from other museums and lessen the chance that the university would get future art donations.
The idea of a sale was prompted by an August meeting of the Iowa Board of Regents, in which Regent Michael Gartner raised the idea of pricing out the painting to help pay for flood recovery on campus.
Gartner has repeatedly said he doesn't want to sell Pollock's "Mural," but said he wants to know the worth of the painting and the cost to insure it.
In 2007, Sotheby's told the university the painting could fetch no less than $150 million. The university's museum board strongly recommended against a sale.
The university presented documents to the Regents on Friday assessing the costs and benefits of selling "Mural."
The biggest potential cost to the university: loss of accreditation.
The university's accreditation could be in jeopardy if the painting gets sold, the university said, threatening its ability to get additional grants for exhibits and programs.
June's record flooding swamped 20 buildings and caused an estimated $232 million in damage. The university's Museum of Art was among the flooded buildings. Most of the collection was removed without damage, including Pollack's 8-by-20-foot painting.
On Friday, U.S. Senators Charles Grassley and Tom Harkin announced more than $60 million was headed to the university in FEMA flood aid. Of that, about $2 million is headed to the Museum of Art Building to pay for infrastructure damage.
Iowa officials sent their nine-page response addressing 18 specific issues to the regents this week, and it was posted Friday on the regents' Web site.
In its response, the university notes that " 'Mural' is one of the most important works by one of the most important American artists," and says the painting has a unique value to the university.
The idea of a sale was prompted by an August meeting of the Iowa Board of Regents, in which Regent Michael Gartner raised the idea of pricing out the painting to help pay for flood recovery on campus.
Gartner has repeatedly said he doesn't want to sell Pollock's "Mural," but said he wants to know the worth of the painting and the cost to insure it.
In 2007, Sotheby's told the university the painting could fetch no less than $150 million. The university's museum board strongly recommended against a sale.
The university presented documents to the Regents on Friday assessing the costs and benefits of selling "Mural."
The biggest potential cost to the university: loss of accreditation.
The university's accreditation could be in jeopardy if the painting gets sold, the university said, threatening its ability to get additional grants for exhibits and programs.
June's record flooding swamped 20 buildings and caused an estimated $232 million in damage. The university's Museum of Art was among the flooded buildings. Most of the collection was removed without damage, including Pollack's 8-by-20-foot painting.
On Friday, U.S. Senators Charles Grassley and Tom Harkin announced more than $60 million was headed to the university in FEMA flood aid. Of that, about $2 million is headed to the Museum of Art Building to pay for infrastructure damage.
Iowa officials sent their nine-page response addressing 18 specific issues to the regents this week, and it was posted Friday on the regents' Web site.
In its response, the university notes that " 'Mural' is one of the most important works by one of the most important American artists," and says the painting has a unique value to the university.
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ER wrote on Oct 5, 2008 9:13 PM:
They should sell the painting and make their repairs. With what's left they could maybe set up an endowment to lower tuition rates for future generations of students. Nah, that would be a good idea too.
BTW, it's funny how tuitions increase when the government increases student loan aid. "