A pandemic-related rule change will allow art museums to sell pieces without penalty for 2 years


One of the most stringent aspects of the code of conduct followed by art museums in the United States is that they're not supposed to sell pieces from their collections to solve financial problems. The one exception, traditionally, is if proceeds go toward enhancing the larger collection. Art, in other words, can pay for more art, but pretty much nothing else. But as is the case with so many different aspects of society, the coronavirus pandemic is changing that, at least temporarily, CBS This Morning reports.
With museums across the country completely shut down or struggling due to a lack of visitors because of the virus, Brent Benjamin, the president of the Association of Art Museum Directors, said the goal is to allow member organizations a "little more financial flexibility." For the next two years, the museum says it won't punish members that use art sales to pay for "the care of the collection." The institutions themselves will have final say as to what exactly that means.
So far, Nina del Rio, vice chair at Sotheby's, told CBS she hasn't seen any museums use the rule change to launch a fire sale. On the contrary, she said, museum leaders are making thoughtful decisions about how best to preserve their institutions.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.
-
What to know before turning to AI for financial advice
the explainer It can help you crunch the numbers — but it might also pocket your data
-
Book reviews: 'The Headache: The Science of a Most Confounding Affliction—and a Search for Relief' and 'Tonight in Jungleland: The Making of Born to Run'
Feature The search for a headache cure and revisiting Springsteen's 'Born to Run' album on its 50th anniversary
-
Keith McNally' 6 favorite books that have ambitious characters
Feature The London-born restaurateur recommends works by Leo Tolstoy, John le Carré, and more
-
New York court tosses Trump's $500M fraud fine
Speed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in Intel
Speed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to China
Speed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with Disney
Speed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profits
Speed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new high
Speed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year