News broke this afternoon that Judge Robert Okun has allowed the Corcoran Gallery and Corcoran College of Art + Design’s News broke this afternoon that Judge Robert Okun has allowed the Corcoran Gallery and Corcoran College of Art + Design’s cy prés petition to modify their governing trust to merge operations with the National Gallery of Art and George Washington university. I do not have a copy of the opinion yet, but Rebecca Cooper at the Washington Business Journal quotes the opinion as follows:
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Topics: Deaccession, Washington Business Journal, National Gallery of Art, George Washington University, Rebecca Cooper, Cy Pres, Judge Robert Okun, Corcoran College of Art + Design, Trusts, Corcoran Gallery, Museums, The Atlantic, Corcoran
The two-week trial over the possible reformation of the Corcoran Gallery and the Corcoran College of Art + Design ended last week, with Judge Robert Okun expected to rule by the end of the month.
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Topics: Deaccession, National Gallery of Art, Jayme McLellan, Andrew Tulumello, Save the Corcoran, George Washington University, Charles Patrizia, Deaccessioning, Cy Pres, Judge Robert Okun, Corcoran College of Art + Design, William Corcoran¸ Kriston Capps, Trusts, Corcoran Gallery, Museums, Lynn Sures, Peggy Loar, The Atlantic, Corcoran
Judge Robert Okun closed the first week of hearings yesterday on the proposed modifications to the Corcoran Gallery and the Corcoran Gallery of Art + Design in Washington, DC. The Corcoran’s trustees have petitioned the DC Superior Court for cy prés, to modify the trust that governs the two institutions to allow mergers with the National Gallery and George Washington University. All told, reports indicate that both sides have made strong presentations of the financial hardship on the one hand, and the possibility that the proposal may not be the only way out of this on the other.
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Topics: Linda Daschle, Deaccession, Kenneth Duberstein, George Washington University, William “Billy” Martin, University of Maryland, Adrian M. Fenty, Wayne Reynolds, Cy Pres, Corcoran College of Art + Design, Catherine Merrill Williams, Wallace D. Loh, Buffy Cafritz, Lauren Stack, Frank Connor III, Trusts, The Washington Post, Corcoran Gallery, Museums, Susan Molinari, Harry F. Hopper III, National Gallery, Graham Holdings, Richard Okun, Marcus Brauchli
The Washington Business Journal‘s Rebecca Cooper tweeted today from the courtroom today that District of Columbia Superior Court Judge Robert Okun has allowed in part the motion to intervene in the Corcoran Gallery cy prés petition. Reports are that current students of the College of Art + Design, as well as current Corcoran employees were allowed to intervene, while intervention was denied to the organization “Save the Corcoran” and past employees and students.
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Topics: Donn Zaretsky, Deaccession, Washington Business Journal, National Gallery of Art, Save the Corcoran, George Washington University, Lee Rosenbaum, Rebecca Cooper, Cy Pres, Judge Robert Okun, District of Columbia Superior Court, Corcoran College of Art + Design, District Attorney General Irvin Nathan, Trusts, Corcoran Gallery, District of Columbia, Museums
The Washington, DC District Attorney Irvin Nathan has filed his brief concerning the Corcoran Gallery’s cy prés petition to reform the museum and College of Art + Design with the National Gallery of Art and George Washington University. To put it succinctly, “The District supports entry of the Proposed Order because the proposed cy pres relief will allow the Corcoran’s assets to continue to be used in D.C. consistently with the charitable purposes to which they have been dedicated.” The brief also addresses and bears on the question of the “Save the Corcoran” motion to intervene and standing, which will be argued tomorrow (which the underlying petition will not). The DA brief leans heavily on the downside of the alternative: deaccession leading to industry sanction, which may be a little circular.
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Topics: Deaccession, National Gallery of Art, Save the Corcoran, George Washington University, Cy Pres, Corcoran College of Art + Design, District Attorney General Irvin Nathan, Trusts, Corcoran Gallery, District of Columbia, Museums
The trustees of the Corcoran Gallery and the Corcoran College of Art +Design have responded to the recent motion by a group of students, faculty, staff, and interested supporters have filed a motion to intervene in the Corcoran’s cy prés petition to merge with the National Gallery of Art and George Washington University. The proposed interveners, led by a group called “Save the Corcoran,” argues that the modification is unjustified and fails to take alternatives into account. More seriously, the motion to intervene accuses the trustees of “peculiar and egregious mismanagement.” We reviewed the motion when it was filed. While it goes over the case against merger, the challenge they face is demonstrating a specific and particular interest not already represented by a party to the case. One never knows, but that seemed unlikely to us. Even if unsuccessful, however, the motion lays out a passionate case against the merger that will be in the record one way or another.
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Topics: Deaccession, National Gallery of Art, Save the Corcoran, George Washington University, Cy Pres, Corcoran College of Art + Design, District Attorney General Irvin Nathan, Trusts, Washington Post, Corcoran Gallery, District of Columbia, Museums
After months of uncertainty about the future of the Corcoran Gallery of Art in Washington, DC, the Corcoran’s Trustee’s filed a petition on June 17, 2014 for cy pres—to revise the terms of the trust that administers the museum and the Corcoran College of Art + Design. The Corcoran’s financial condition, they argue, make the current situation untenable and in the long run impossible, to sustain. The petition proposes an arrangement with the National Gallery of Art (NGA) for the bulk of the artwork, and with George Washington University (GW) for the college functions, all to sustain the mission of the trust “as nearly as possible.”
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Topics: Frank Gehry, Deaccession, National Gallery of Art, William Corcoran, George Washington University, Philadelphia, Rule 24, Renwick Building, Cy Pres, Washington DC, Flagg Building, Corcoran College of Art + Design, William Flagg, Trusts, Museums, Friends of the Barnes, Corcoran Gallery of Art, intervention, Senator William Clark, Barnes Foundation
After Judge Rhodes denied (as predicted) the expansive relief requested by creditors in the Detroit bankruptcy to perform a top-to-bottom appraisal of the collection of the Detroit Institute of Arts, attention has focused on those creditors’ objection to the “grand bargain” within the overall plan of adjustment. The creditors (and some academics) have argued that the grand bargain is a “preferential transfer,” that it puts some creditors (pension holders) in a better position than other creditors (lenders, in particular) in violation of bankruptcy principles.
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Topics: Old Master, Deaccession, the Ford Foundation, Mark Stryker, Chapter 9, the Fred A. and Barbara M. Erb Family Foundation, the Hudson-Webber Foundation, 11 U.S.C. § 904, Impressionism, Amedeo Modigliani, Michelangelo, the John S. and James L. Knight Foundation, the William Davidson Foundation, Judge Rhodes, Christie's, valuation, Scheme for the Decoration of the Ceiling of the Si, Appraisal, Modernist Art, Detroit, the McGregor Fund, Eugene Driker, Detroit Institute of Arts, Bankruptcy, Gerald Rosen, the Kresge Foundation, the Charles Stewart Mott Foundation, Detroit Emergency Manager, Kevyn Orr, Detroit Free Press, eligibility, Detroit Bankruptcy, the Community Foundation for Southeast Michigan
Since reports last month that a grand bargain had been struck to provide an infusion of cash to the Detroit bankruptcy in exchange for conveying the artwork at the Detroit Institute of Arts back to the museum itself, it has been largely accepted that the deal would succeed. The deal would contribute $366 million from several foundations, $100 million from the DIA foundation, and $350 million from the State of Michigan. This air of inevitability is due in large part to the cards that Emergency Manager Kevyn Orr holds: unless Detroit wants to monetize or sell the DIA collection that the city owns, creditors cannot compel the city to do so. This in turn is for factors unique to Chapter 9 bankruptcy, as discussed here previously.
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Topics: Poly International Auction Co. Ltd, Deaccession, Chapter 9, Emergency Manager, Art Capital Group LLC, Judge Rhodes, Christie's, Detroit Institute of Arts, Yuan Management Hong Kong Limited, Catalyst Acquisitions LLC, DIA, Marc Bell Partners, Kevyn Orr, DIA collection, Detroit Bankruptcy
A last reminder that on Monday, there will be a panel discusion at Columbia Law School entited "Selling the Museum's Collection: Is Deaccessioning Ever Appropriate?" From the event description:
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Topics: Donn Zaretsky, Roberta Smith, Deaccession, Pollock-Krasner Foundation, Cornell University, Graham W. J. Beal, Richard Levin, Frank Robinson, Pippa Loengard, the Art Law Report, Events, Selling the Museum's Collection: Is Deaccessioning, Williams College Museum of Art, Nicholas O'Donnell, Rhode Island School of Design, New York Times, Detroit Bankruptcy, Samuel Sachs II, Detroit Institute of Art
