Brandeis University considers closing Rose Museum due to losses from Madoff investments
Saturday, January 31st, 2009
Race Riot by Andy Warhol, top left, Forget It! Forget Me! by Roy Lichtenstein, right, and Life is a Killer by John Giorno, bottom left. Undated picture taken at the Rose Art Museum, Brandeis University, Waltham, Massachusetts. Image via Bloomberg.
Several major Brandeis University donors and trustees suffered substantial losses when Bernard Madoff’s Ponzi scheme was exposed, leaving the university in a very precarious financial position. Facing a potential $79 million deficit, according to an official interviewed at the Daily Beast, the university is facing some rather stark choices: closing the Rose Museum and selling the entire collection at a fire sale price, or potentially firing up to half of its faculty.
Museum page: Rose Art Museum
Statement from Michael Rush, Director of the Rose Art Art Museum, regarding the impending closing of the museum [Rose Museum]
Brandeis Forced To Close Museum [WSJ]
Outcry Over a Plan to Sell Museum’s Holdings [NYT]
Brandeis Art Sale Illustrates Pressures on Colleges [WSJ]
Brandeis President Says School May Keep Its Art, but Rose Will Close [ARTINFO]
Brandeis may keep art, says president [Boston Globe]
Critics Blast Brandeis Plan to Close Rose Museum, Sell Artworks [Bloomberg]
Protests, Rumors swirl in Rose Musem closing [Artnet]
Q&A with Rose Art Museum director Michael Rush [ArtJournal]
A Madoff Sell Off? [TIME]
Brandeis on the Brink [The Daily Beast]
Save the Rose Art Museum [Facebook]
More detail on the story after the jump…