Albright College Plans to Sell Art Collection to Eliminate $20 Million Deficit, However, Donors Voice Their Disapproval
In a bid to address a significant financial shortfall, Albright College in Reading, Pennsylvania, is set to auction more than 500 works of art from its collection, joining a growing list of US universities selling their art treasures to balance their books[1][2][4]. The sale, titled "Fine Art from an East Coast Educational Institution," comprises 524 lots and is scheduled for July 16[6].
The collection, primarily acquired from the late New York-based art dealer Alex Rosenberg and the late Doris C. Freedman, includes works by renowned artists such as Bridget Riley, Jasper Johns, Romare Bearden, and Jacob Lawrence[5]. The rationale behind the sale includes high maintenance costs, difficulty in finding institutions willing to take on the collections, and the need for immediate financial relief[2].
However, the decision to sell the art collection has not been met with universal approval. A letter from Freedman's three daughters (Susan, Karen, and Nina) was sent to the college's legal counsel, expressing concern over the sale and asking Albright to reconsider[3]. They believe that Albright College President, Doris C. Freedman's initial intention to create a space for arts to flourish in the gallery is being overlooked, and the sale is shortsighted and counterproductive[3].
The sale is expected to make only a modest difference in Albright College's financial situation, with the proceeds not seen as meaningful in mitigating the college's $20 million debt[4][7]. The college has already taken measures to cut costs, including laying off more than 50 salaried staffers and selling properties[8].
James Gaddy, the vice-president for administration at Albright, stated that the college's art collection is not core to its mission of education and costs more to keep than the value of the art[9]. The works in the sale were housed in the Doris C. Freedman Gallery, which, according to Gaddy, is not central to the college's educational mission[9].
The impact of such sales on higher education institutions and their communities is multifaceted. Donors and art supporters often view these sales as a betrayal of the cultural mission and educational experience the art collections provide to students[1]. Additionally, the loss of educational and cultural resources may diminish the quality and richness of a liberal arts education[1].
The sale is being conducted by Pook & Pook Inc, an auction house in Downingtown, Pennsylvania[6]. If the auction goes ahead, Freedman's daughters have stated they will explore their alternatives[3]. The sale of Albright College's art collection reflects a broader financial challenge in higher education, raising concerns about the erosion of academic and cultural assets critical to the educational mission.
[1] https://www.nytimes.com/2020/08/09/arts/design/college-art-sales.html [2] https://www.artnews.com/art-news/news/colleges-selling-art-to-balance-budgets-1234578285/ [3] https://www.readingeagle.com/news/article/letter-to-the-editor-albright-college-sale-of-art-collection [4] https://www.inquirer.com/education/albright-college-sells-art-collection-to-balance-books-20210701.html [5] https://www.pookandpook.com/auctions/fine-art-from-an-east-coast-educational-institution/catalog/ [6] https://www.readingeagle.com/news/article/albright-college-to-auction-off-art-collection-to-help-with-financial-woes [7] https://www.wfmz.com/news/albright-college-to-sell-art-collection-to-help-with-financial-woes/article_5537b8a6-1091-11e8-8f9f-8b5a1e7b0f89.html [8] https://www.readingeagle.com/news/article/albright-college-lays-off-more-than-50-staffers-as-it-deals-with-financial-woes [9] https://www.readingeagle.com/news/article/albright-college-plans-to-increase-enrollment-as-it-deals-with-financial-woes
- The art collection at Albright College, primarily acquired from Alex Rosenberg and Doris C. Freedman, includes works by notable artists like Bridget Riley, Jasper Johns, Romare Bearden, and Jacob Lawrence.
- The auction of Albright's art collection, scheduled for July 16, comprises 524 lots and is being conducted by Pook & Pook Inc, an auction house in Downingtown, Pennsylvania.
- The sale, titled "Fine Art from an East Coast Educational Institution," is a response to a significant financial shortfall at the college, aiming to offset a $20 million debt.
- The decision to sell the art collection is not universally accepted; Freedman's daughters have voiced concerns and asked the college to reconsider, believing the sale contradicts Doris C. Freedman's original intention to foster arts at the gallery.
- James Gaddy, Albright's vice-president for administration, argues that the art collection is not central to the college's educational mission and costs more to maintain than its value.
- The sale of art collections by higher education institutions can have far-reaching effects; it may be perceived as a betrayal of cultural mission and educational experience, potentially diminishing the quality and richness of a liberal arts education.
