New Jersey Symphony to Sell Prized Instruments

Facing a multimillion-dollar debt and other financial strains, the New Jersey Symphony Orchestra has decided to sell a collection of 30 string instruments it invested in just four years ago, reports The New York Times.

The symphony bought the collection at auction for $17-million, and it continues to owe $12-million that it borrowed to buy the instruments.

The symphony’s new chief executive, Andre Gremillet, hopes a buyer will come forward now who will allow the instruments to stay in the hands of the musicians, in the form of a loan. Experts expressed doubt that such an arrangement would be reached, however.

The organization’s decision to sell the collection is the latest in a series of troubles for the charity, which include allegations that the original seller tricked the charity into buying the instruments.

In addition to the $12-million it owes on the instruments, the symphony has another $4.5-million in debt, the Times reports.

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