US: University to sell paintings to raise money

A Massachusetts university plans to sell an art collection valued at around $350 million to boost revenue, underlining the growing toll of the recession on US schools, writes Svea Herbst-Bayliss for Reuters. Brandeis University said it will close its art museum and sell the entire 6,000-piece collection, including paintings by Andy Warhol and Roy Lichtenstein, following a decline in its endowment brought on by the economic crisis.

University trustees voted last Monday to shut down the Rose Art Museum, internationally known for its American artworks from the 1960s and 1970s, at the end of the summer. The collection was appraised at $350 million in 2007.

Educators and art experts called it a dramatic illustration of how US colleges and universities are trying to plug financial holes. "This is an indication of the seriousness with which colleges and universities are examining their financial situations and the ways they may raise revenue to protect their programsme," said Terry Hartle, senior vice president of the American Council on Education, a trade group representing educational institutions.
Full report on the Reuters site