A glance at Berkshire Museum’s final report to AG on art sale proceeds

A final report by the Berkshire Museum to Attorney General Maura Healey on proceeds from its recent art sales was required in the successful 2018 petition to the Supreme Judicial Court that ended state opposition and allowed up to $55 million in sales.
– Photo by Ben Garver

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.

ABOUT

SAVE THE ART (STA)
A grassroots citizens group established in 2017 with the intent of stopping the sale of the Berkshire Museum’s treasured art collection in order to find an alternate solution to its continued financial shortfall.

MISSION

The mission of Save the Art is to advocate for and protect the Public Trust — the art and objects belonging to all of us that document humankind’s creative and social history through time.

PRESS

We thank the Berkshire Eagle for their extensive investigative coverage, the journalists, op-ed writers and our community for their hundreds of letters of concern and applaud Larry Parnass / Investigations Editor for his 2018 Outstanding Journalism award. See The Berkshire Eagle page located in Press menu.