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The Delaware Art Museum in Wilmington. Image courtesy of Wikimedia Commons.

Delaware Art Museum to sell works to repay debt

Tom Hoepf
Tom Hoepf
The Delaware Art Museum in Wilmington. Image courtesy of Wikimedia Commons.
The Delaware Art Museum in Wilmington. Image courtesy of Wikimedia Commons.

WILMINGTON, Del. (AP) – The Delaware Art Museum says it will sell a few pieces of art to raise money to repay its bond debt and replenish its endowment.

Museum CEO Mike Miller said Wednesday in a news release that the museum would sell up to four works of art valued at $30 million. He did not identify the pieces.

He says the museum faced the choice of selling works of art or closing.

The News Journal of Wilmington reports proceeds from the sales will go to repay the balance of the museum’s $19.8 million bond debt, left over from a 2005 expansion.

The endowment would be replenished by about $10 million.

The sale of the art is expected within six months.

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Information from: The News Journal of Wilmington, Del., http://www.delawareonline.com

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AP-WF-03-26-14 1909GMT

ADDITIONAL IMAGE OF NOTE

The Delaware Art Museum in Wilmington. Image courtesy of Wikimedia Commons.
The Delaware Art Museum in Wilmington. Image courtesy of Wikimedia Commons.