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.
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The News Journal of Wilmington reports (https://delonline.us/1fkaxv7) 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., https://www.delawareonline.com
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