Update - Brandeis University May Keep Art?

Geoff Edgers of the Boston Globe is reporting that Brandeis University will in fact close the school's Rose Art Museum. There are two very interesting areas in the article, the first being that if there is a turn-around in the financial markets, Brandeis may be able to keep the collection (yet the museum will still close), and two, a Brandeis spokesperson stated the reason for closing was to bypass the stricter deaccessioning guidelines many museums must adhere to. This is not a good precedent to set.

Edgers writes Brandeis University President Reinharz confirmed a precipitous drop in the university's endowment but said that if the economic and philanthropic picture brightened, the university might not need to disburse a collection of modern art that includes works by Warhol, de Kooning, and Magritte.

"We have no particular mandate from the board of trustees as to when to sell, how to sell," Reinharz said in an interview.

He added: "If in fact there is a miracle tomorrow morning and the economy turns around and the stock market is up by 45 percent, nothing impels me, nothing impels us, to do anything."

Edgers continues with Brandeis Provsot Marty Krauss adding the reasoning behind the closure, which is scheduled for late summer. In an interview, she said university officials believed they could not operate a museum, which is expected to abide by a code of ethics limiting the reasons it can sell off art, and then sell art to pay for needs other than the museum. Closing the 48-year-old museum entirely would provide the university more freedom, Krauss said.

She said school officials have no regrets following the firestorm of criticism the university has received after announcing the dramatic move. At the informational meeting yesterday, administrators disclosed that the school's endowment had fallen roughly 25 percent, from $712 million to $549 million.

"We knew this would be controversial," she said. "We also firmly believe we're doing this for the right reason. This is a bold move to ensure the future of the university."

To read the full Boston Globe article, click HERE.