fisk university

Fisk University Gets Approval To Sell A Share of Art Collection

Filed under: Art

I've been fascinated by the saga of Nashville's Fisk University's art collection and what it says about the future of art endowments. We've been following the case of the Stieglitz art collection at Fisk University since last summer. The collection was donated by painter Georgia O'Keeffe. Fisk, which has been facing financial trouble, had asked the court for permission to sell a 50 percent share in the collection saying that it could face bankruptcy without the $30 million the sale to the Crystal Bridges Museum in Arkansas and that it can no longer afford to maintain and display the collection. A brief filed by the Attorney General argued that the plan to sell a share to the museum planned by Walmart heiress Alice Walton would void the protected status of the collection and leave the art open to being seized by creditors if Fisk were to declare bankruptcy.

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."

Tags: alice walton, art endowment, crystal bridges, fisk university

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Donor's Gift Could Keep Art At Fisk University

by Deidre Woollard (RSS feed) —

Filed under: Art

We've been following the case of the Stieglitz art collection at Fisk University since last summer but a new twist could keep the collection donated by painter Georgia O'Keefe at the campus with no cost to the school. Fisk has asked the court for permission to sell a 50 percent share in the collection saying that it could face bankruptcy without the $30 million the sale to the Crystal Bridges Museum in Arkansas and that it can no longer afford to maintain and display the collection. Davidson County Chancellor Ellen Hobbs Lyle already rejected a plan to relocate the collection to Nashville's Frist Center for the Visual Arts.

The Tennessean reports that Fisk alumna Carol Creswell-Betsch has created a fund that could pay the maintenance and display costs of the collection if the court approves. The fund is named for Creswell-Betsch's mother, Pearl Creswell, who was the first curator of the Stieglitz collection. A separate brief filed by the Attorney General on Friday argued that the plan to sell a share to the museum planned by Walmart heiress Alice Walton would void the protected status of the collection. The brief goes on to say that this would leave the art open to being seized by creditors if Fisk were to declare bankruptcy. Both moves leave the university without the argument of maintenance costs for the collection and so the main reason for the proposed sale to Crystal Bridges hinges on the fact that the school will fail without that $30 million.

O'Keeffe donated the 101-piece collection of paintings, photographs, drawings and sculptures from her late husband, noted photographer Alfred Stieglitz to the school in 1949. The collection is housed in the Carl Van Vechten gallery and includes works by Picasso, Cezanne, Renoir, Toulouse-Lautrec, O'Keeffe, Demuth, Hartley, Dove and Walkowitz.

Tags: alfred stieglitz, fisk university, georgia okeefe

Judge Finds Fisk University Cannot Sell A Share Of Its Art To Wal-Mart Museum

by Deidre Woollard (RSS feed) —

Filed under: Art

Earlier this month I wrote about the financial problems facing Tennessee's Fisk University. The university wanted to broker a deal to sell off a share of its collection of art donated by artist Georgia O'Keeffe but a Nashville judge has struck down a proposal to sell a 50 percent share of the collection for $30 million to the Crystal Bridges Museum in Bentonville, Arkansas. Crystal Bridges is the museum being built by Wal-Mart heiress Alice Walton. O'Keeffe donated the 101-piece collection of paintings, photographs, drawings and sculptures from her late husband, noted photographer Alfred Stieglitz to the school in 1949. The collection is housed in the Carl Van Vechten gallery and includes works by Picasso, Cezanne, Renoir, Toulouse-Lautrec, O'Keeffe, Demuth, Hartley, Dove and Walkowitz.

This decision could radically impact the future of the school. The university can no longer afford to meet the standards of care and exhibition stipulated by Georgia O'Keeffe in 1949 when she donated the works. A new plan has to be created by the start of October. In the ruling the judge said she understood the school's position and financial trouble but found that the attempt to sell a share of the work out of state would conclusively break with O'Keeffe's wishes for the future of the works. The ruling states that the university cannot "override, thwart, and dilute the purpose for which Ms. O'Keeffe made the gift."

The Chronicle of Higher Education has a comprehensive piece on the subject which shows some of the other possible angles the university could take as it works on its new plan. The purpose of the gift was to provide Nashvillians and Southerners access to the collection to promote the study of art." The terms of the gift also stated that the pieces not be sold and that they be displayed together. There is a possibility that Fisk could submit a modified agreement with Crystal Bridges that might get approval. Another option could be a sharing agreement with other local museums or transferring the entire collection to another organization in Nashville which could better honor O'Keeffe's wishes. The university has around 700 students and has already cut salaries and elicited two degree programs. Because of the dire nature of the situation, any potential decision may have to follow the spirit of O'Keeffe's requests rather than the exact stipulations because the money simply isn't available for Fisk to continue to support this collection.

Tags: fisk university, georgia okeeffe, nashville

Tennessee University Wants To Sell Art To Wal-Mart Museum

by Deidre Woollard (RSS feed) —

Filed under: Art

Should schools be allowed to sell donated art to raise money? We saw this earlier with Brandeis University's Rose Museum and now in Tennessee, Fisk University is interested in selling off a share of its collection of art donated by artist Georgia O'Keeffe. The university wants to sell a 50 percent share of the collection for $30 million to the Crystal Bridges Museum in Bentonville, Arkansas. Crystal Bridges is the museum being built by Wal-Mart heiress Alice Walton. O'Keeffe donated the 101-piece collection of paintings, photographs, drawings and sculptures from her late husband, noted photographer Alfred Stieglitz to the school in 1949. The collection is housed in the Carl Van Vechten gallery and includes works by Picasso, Cezanne, Renoir, Toulouse-Lautrec, O'Keeffe, Demuth, Hartley, Dove and Walkowitz.

Lawyers for the state of Tennessee are trying to block the sale but Fisk University President Hazel O'Leary has testified that the school may be forced to close without the sale. The school believes the cash could lead to more donations helping Fisk raise the $150 million needed for its endowment. The state argued that the art was donated for students and local citizens and not to raise money and that the sale could actually discourage donations because it proves the school doesn't value the gifts it is given. The school has been monitored by an accreditation agency for its poor financial condition and has struggled to house and maintain the artwork.

Tags: fisk university, georgia okeeffe, tennessee