James (damngood) wrote,
James
damngood

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R(MW)C Art

In case you didn't get it, here's the letter from the President.

Dear Community Members,


The College has been clear about its intent to move forward with the
sale of four paintings as part of its plan to strengthen the College's
financial base, bring revenues and expenses more into line, and lower the
endowment spending rate to a sustainable level.  The College had
expected to realize approximately $50 million from the sale of the paintings
in November 2007, based on market conditions at the time. However,
opponents secured a temporary injunction enjoining the sale. The
injunction was lifted in February 2008 when the plaintiffs failed to post the
full $1 million bond, and the plaintiffs filed a motion in March to
withdraw their lawsuit in Lynchburg Circuit Court.

Our need to infuse the endowment has not changed. By not selling the
paintings in the auctions last November when there was a very strong art
market, the College was unable to add the sale proceeds to our
endowment.

Since February, the College has been evaluating the art market. Our
advisors indicate that this is an advantageous time to take Rufino
Tamayo
's Trovador (Troubadour) to auction. The painting will be placed in the
Latin American auction at Christie's in New York in May.

The College will make a decision regarding the other three paintings
based on market conditions and will sell them when it is financially
advantageous for the College to do so. We remain committed to ensuring the
long term financial strength and educational vitality of this
institution.


Sincerely,


John E. Klein
President
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