The years-long court battle over Fisk University’s right to sell a stake in its art collection is officially over. The final order was entered yesterday, setting up how Fisk and the Crystal Bridges Museum in Arkansas will share the famous Stieglitz Collection.
According to attorneys representing Fisk, the university will hold on to the 101 pieces of art until Fall of 2013, when they will make their first of many trips to Bentonville, Arkansas. The collection will reside at the museum of Wal-mart heiress Alice Walton for two years and then return. An oversight committee does have the authority to modify the schedule, so long as the art stays in both places equal time.
Fisk will get $30 million to help replenish the school’s dwindling endowment. Some of the money will also be put into a court-ordered escrow fund to pay for maintaining the art and the Van Vechten Gallery on campus. Nearly $6 million is being set aside for what the school calls “direct and indirect costs of seven years of litigation.”
How Fisk will use the money (from university press release):
Permanent restricted endowment – $15,227,558
Temporarily restricted for operating needs – $2,271,106
Initiatives of the next President of Fisk – $5,000,000
Settle local bank obligations – $1,605,921
Direct and indirect costs of 7 years of litigation (including accounts payable) – $5,895,415