Hasta La Ideas

After more than a year of battling both estates and the government, Fisk University have gotten an official okay to sell off a stake in their large collection of Georgia O’Keefe paintings to help them pay off debts. Well, sort of. While earlier this year the school had tried selling off half the collection, in something of a shared/borrowing agreement with the Crystal Bridges Museum of American Art in Arkansas, a judge had struck the deal down, saying it violated O’Keefe’s wishes in her original donation of the collection, though the government was open to hearing more ideas if the university had any. So, despite pleas from museum directors across the country, Fisk went back and revised the plan, with the judge ultimately deciding that it was okay for Crystal Bridges to pay $30 million for a state in the collection, only a third of those funds could be used by the university to pay off their bills. So while pleased that they’ve finally won in court, Fisk still doesn’t seem very happy. Here’s the full statement put out by the university concerning the ruling:

Fisk announced on yesterday that the Chancery Court in Davidson County has approved its request to enter into a sharing agreement with the Crystal Bridges Museum of American Art under which that Museum would acquire an undivided one-half interest in the Stieglitz Art Collection in return for a payment of $30 million. The Court also ruled that Fisk may only have the discretionary use of $10 million of the proceeds and that the remainder of the funds are to be placed in an endowment fund and used solely for the costs of displaying and maintaining the art.

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