September 12, 2008

Colleges as Collectors: Questions to Ask When Buying and Selling Artworks

By GILBERT E. SCHILL JR. and JACOB H. ROOKSBY

When the gavel fell at a Christie's art auction in May, a painting offered for sale by Randolph College, Rufino Tamayo's "Troubadour," sold for $7.2-million — more than double the auction house's sales estimate. The work was reported to be the highest priced piece of Latin American art ever sold at auction.

While the sale made history in art circles, it also put an exclamation point on a several-year saga at Randolph College involving important questions of institutional

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