NASHVILLE, Tenn (AP/WMOT) — The state of Tennessee is appealing an appeals court ruling in a dispute over Fisk University's effort to generate cash from an art collection donated to the school by the late painter Georgia O'Keeffe.
O'Keeffe stipulated that the collection could not be sold or broken up. But Fisk has argued it needs to complete a $30 million deal to sell a 50 percent stake in the collection to the Crystal Bridges Museum in Bentonville, Ark.
Here's what Tennessee Attorney Bob Cooper told WMOT about the case.
NASHVILLE, Tenn. (AP) - The Tennessee Court of Appeals ruled yesterday that Fisk University can share its Stieglitz art collection with Crystal Bridges Museum in Arkansas.
The court also removed a trial court stipulation that required Fisk to put $20 million of the $30 million it expects to get from Crystal Bridges into an endowment. The lower court had said Fisk should put that amount aside to maintain the art in the future.
Fisk has said it needs all of the funds now to stay financially viable.