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albright college is selling its art collection to cut 20 m deficit but donors oppose the move 1234746861

Albright College in Reading, Pennsylvania, is selling over 500 works from its art collection via an online auction at Pook & Pook Inc. scheduled for July 16, in an effort to address a $20 million deficit. The sale, titled "Fine Art from an East Coast Educational Institution," includes works by Bridget Riley, Jasper Johns, Romare Bearden, and Jacob Lawrence, and is expected to raise around $200,000. The college has also laid off staff and sold non-contiguous properties to cut costs. Donors, including the daughters of late collector Doris C. Freeman, have opposed the move, arguing it violates the original intent of the gifts.

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Pennsylvania college moves to sell its entire art collection amid $20m budget shortfall

Albright College, a liberal arts institution in Reading, Pennsylvania, is selling its entire art collection of mostly works on paper to address a $20 million budget shortfall. The online-only sale, held on July 16 at Pook & Pook auction house, includes 524 lots featuring works by artists such as Karel Appel, Romare Bearden, Jasper Johns, Jacob Lawrence, and Bridget Riley. College administrators, including vice-president James Gaddy, describe the collection as "not core to our mission" and estimate the consigned pieces are worth $200,000, while the cost of maintaining the gallery and collection exceeds $500,000 annually. The sale is part of broader cost-cutting measures that have already included laying off 53 employees and selling non-contiguous properties.

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