A glance at Berkshire Museum’s final report to AG on art sale proceeds
By Larry Parnass, The Berkshire Eagle
PITTSFIELD — In a final report to Attorney General Maura Healey, the Berkshire Museum discloses issues flagged as concerns by Healey’s office. The report was required in the successful 2018 petition to the Supreme Judicial Court that ended state opposition and allowed up to $55 million in art sales. The Eagle obtained attorney William F. Lee’s Oct. 18 report through a public records request. Issues include:
THE SALES: Of 40 works removed from the collection, 22 were sold, netting $53.25 million. Eighteen objects were returned from Sotheby’s to Pittsfield but are not yet reaccessioned due to delays and staffing, according to Executive Director Jeff Rodgers.
PROCEEDS: $45 million was invested with Northern Trust Co. based on advice from Portfolio Evaluations Inc.; $5 million is held in an account at Lee Bank for capital projects; and $3.25 million sits in a Lee Bank account to be used only for the good of the collection under terms of the court ruling. Rodgers said the museum plans to draw no more than 3.2 percent from its investment fund in any year.