Attention collectors: US museums may now sell their artworks
In an unprecedented move, pandemic-hit curators will not be penalised if they sell artworks for the next two years
Theoretically speaking, if you were in possession of a Van Gogh or a Monet or a painting of any reasonable importance, Covid-19 financial stress shouldn’t be weighing you down too heavily. That is, of course, if you were able and willing to part ways with it.
Museums in the US have been struggling since mid-March when they started closing their doors due to the coronavirus outbreak. More than two months later, the financial outlook in this sector is so bleak that they have been told they can sell artworks in their collections.
Earlier this month, CBS news reported the Association of Art Museum Directors (AAMD), an association that’s made up of museum directors from the US, Canada and Mexico, made the announcement in an attempt to offer museums more financial flexibility in their bid to keep their doors open...