Word: optioning
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Dates: during 2000-2009
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...this week Reinharz sent a letter to Brandeis students and faculty to apologize for his confusing mishandling of the whole affair. "The statements [from the university ]gave the misleading impression that we were selling the entire collection immediately," he wrote, "which is not true. The University may have the option, subject to applicable legal requirements and procedures, to sell some artworks if necessary, but I assure you that other options will also be considered." In his letter Reinharz also said that "the museum will remain open," but as an arts study center, "more fully integrated into the university's central...
...when a school attempts to liquidate part of its art collection, an option that it appears Brandeis is still considering, museum groups aren't the only bodies paying attention. Three years ago, Fisk University, facing a serious budget shortfall, attempted to sell two paintings from a collection donated to the school in 1949 by the artist Georgia O'Keeffe. A Tennessee chancery court turned down the deal, finding that it violated the terms of O'Keeffe's bequest. When Fisk then negotiated a $30 million deal to share its entire collection with the museum being built in Bentonville...
...point of that guideline is to push museums - or, in the case of campus museums, the schools that own them - to go to every other fundraising and budget-cutting option first. Otherwise the temptation for them to treat their collections as disposable assets would be constant and irresistible. A canvas by Picasso or Warhol could be some of the most valuable square footage in the world. (Valuable and portable. A university's cyclotron may also be worth quite a bit, but just try to load it on a truck.) And in times of trouble, the collections of campus museums...
...option for survival being tried by some publications, such as the Christian Science Monitor and the Detroit Free Press, is to eliminate or drastically cut their print editions and focus on their free websites. Others may try to ride out the long winter, hope that their competitors die and pray that they will grab a large enough share of advertising to make a profitable go of it as free sites. That's fine. We need a variety of competing strategies...
...option for the White House job might be a skilled Washington hand like former White House Chief of Staff John Podesta, who oversaw the Obama transition operation. Podesta, however, has indicated that he is not interested in returning to government; sources say he turned down the White House "energy czar" job that ultimately went to former EPA Administrator Carol Browner...