September 3, 2008

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

By Gilbert E. Schill 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 property

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