National Gallery and George Washington U. in Deal to Take Over Corcoran

After years of financial struggle, the Corcoran Gallery of Art announced a far-reaching agreement Wednesday that would end its 145-year life as an independent museum and see its collection, landmark building, and art college divided between the National Gallery of Art and George Washington University, writes The Washington Post.

Subject to finalization by the three partners in April, the deal would see the Smithsonian’s National Gallery take over management of the Corcoran’s 17,000 works, worth an estimated $2-billion, and ultimately acquire a large chunk of them, donating the rest to museums around the country.

The National Gallery plans to exhibit modern and contemporary works at the Corcoran’s Beaux Arts building near the White House. George Washington will take ownership of the building and responsibility for tens of millions of dollars in needed repairs. The Corcoran’s College of Art and Design would also become part of the university.

The Corcoran has regularly run deficits of $7-million on a $32-million annual budget and controversially flirted in recent years with selling its building outright. “There is no way to continue the Corcoran as we knew it or as we know it,” said Peggy Loar, the gallery’s interim director and president. but she maintained its legacy and mission will endure through the new partnership.