Regent Policy Documents
SECTION 22: GIFTS, BEQUESTS, ART, AND FUNDRAISING
22-2 DISPOSAL OF WORKS OF ART
- The Regents recognize that the works of art under the control of an art center or gallery are a revolving resource and that maintenance of a quality collection requires periodic exchanges, sales, and acquisitions by the center or gallery.
- Each center or gallery should have an art accessions committee which is hereby granted authority to dispose by sale or exchange of works of art that are no longer needed or are not useful to the collection. All works to be disposed of will be independently appraised prior to sale and sold for at least the appraised valuation. Exchanges of works of art should include an independent appraisal of all works involved.
- All dispositions under this action shall be regularly reported to the Board for its review and ratification. If the work of art to be disposed of was acquired as a gift, the donor's letter or other instrument describing the gift and transferring ownership shall be checked for restrictions to assure that no restrictions exist to prevent the disposal.
- Funds realized from disposed works of art will be used to acquire other works of art in the name of the donor of the disposed works of art, thus perpetuating the donor's name and his/her generosity.
- Funds from any sale and investment earnings thereon will be and remain trust assets of the respective center or gallery, held for the benefit of the center or gallery with disbursement to be made on recommendation of the appropriate art accessions committee.
History: Res. 584 adopted 10/5/73.
The Regent Policy Documents were adopted and are maintained pursuant to the policy-making authority vested in the Board of Regents by Wis. Stats. § 36. The Regent Policy Documents manifest significant policies approved by the University of Wisconsin System Board of Regents. This document is a ready reference for those charged with carrying out these policies. Unless noted otherwise, associated documents and reports may be obtained from the Office of the Secretary of the Board of Regents, 1860 Van Hise Hall, 1220 Linden Drive, Madison, WI 53706, ph 608-262-2324. http://www.uwsa.edu/bor/policies/