Fisk University got court approval to sell an ownership stake in the O’Keeffe collection for $30 million to Alice Walton’s Crystal Bridges Museum. But the court set aside $20 million of the money to be used only for the collection. Fisk’s administration had clearly been hoping for more:
While “pleased” with the court’s ruling, Fisk’s president, Hazel R. O’Leary, said in a statement that the restriction on the money was “excessive,” in part because Alice Walton, the Wal-Mart heiress who founded Crystal Bridges, has agreed to finance a $1 million endowment for the collection.
The funds that will be produced from the Crystal Bridges endowment “will generate many times the amount actually needed to maintain the gallery, support the Collection and provide for art education,” Ms. O’Leary said, adding that she planned to consult with her board and Fisk’s lawyers about how to proceed.
Court Says Fisk University Can Sell Stake in Art Collection (Arts Beat/New York Times)