Filed under: Art
In an effort to keep the collection at the university, Fisk alumna Carol Creswell-Betsch created a fund that could pay the maintenance and display costs of the collection. The fund was named for Creswell-Betsch's mother, Pearl Creswell, who was the first curator of the Stieglitz collection. But this week Fisk University was given approval to sell an ownership stake to the Crystal Bridges Museum of American Art. Per the terms of the agreement, the museum will pay $30 million for one-half interest in the collection. Fisk will have discretionary use of $10 million and the rest will go into an endowment fund to be used to maintain and display the collection. A statement on the Fisk University website from Fisk President Hazel R. O'Leary called the decision to restrict $20 million of the funds "excessive" because the income from the $20 million restricted endowment is approximately $1 million annually which "far exceeds the amount necessary to secure and maintain the Collection." O'Leary went on to mention that "Alice Walton has agreed to fund an endowment of $1,000,000 which is to be used for the support and maintenance of the Collection."