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NY museums face law on de-accessioning as financial crisis bites
March 2009 - NY state has introduced a bill that will make it illegal for museums to sell off collections to raise money as endowment losses begin to cut into cultural institutions operating expenses according to Stephanie Baum at Wealth Bulletin. The National Academy Museum's quiet sale in December to bolster its financial footing touched off widespread criticism as market volatility has reduced endowment assets for museums and other cultural institutions in the U.S. that depend on the support of donors, grants and government money. Earlier this month, the Metropolitan Opera House used its Marc Chagall murals as collateral to secure a long term loan according to the Wall Street Journal. Read more
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