Deal Struck in Battle Over Two Paintings at Fisk University

A dispute between Fisk University and the Georgia O’Keeffe Museum over the sale of two paintings appears to be closer to resolution, reports The Wall Street Journal and The Chronicle of Higher Education

The university, a historically black college in Nashville, decided in 2005 to sell two works it received from the late artist Georgia O’Keeffe because they were too expensive to insure and maintain. The revenue from the sale would be used to trim the institution’s budget deficit.

The paintings in question, Ms. O’Keeffe’s “Radiator Building—Night, New York,” and Marsden Hartley’s “Painting No. 3,” are said to be worth approximately $8.5-million each.

The Georgia O’Keeffe museum had sought to block the sale, and said that such an action would violate the terms of Ms. O’Keeffe’s bequest.

In November, Fisk arrived at a deal with the museum, which manages the late artist’s estate.

The museum pledged to buy her painting for $7-million and said that Fisk could sell Mr. Hartley’s work to a Tennessee buyer under the condition that it be lent back permanently to the university to display.

Tennessee attorney general Robert E. Cooper Jr. said he wanted to find a way to keep the artworks in Nashville, so he used his authority to oversee charitable gifts to work out another arrangement.

Mr. Cooper said he would approve the sale of the paintings only if they were purchased by a buyer who would lend both works to Fisk. The sale must take place within 30 days, otherwise the November deal would be carried out.

The 30-day period begins today.

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