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Prendergast Library, confronting deficits, faces opposition as it plans to … – Buffalo News


In the face of mounting budget deficits, the James Prendergast Library in Jamestown is planning to sell 19th- and 20th-century paintings and tapestries valued at as much as $1 million from its art collection through two New York City auction…

Sourced through Scoop.it from: www.buffalonews.com

Here’s a conundrum for a public library – the library needs additional funding…should it sell its assets to raise money?  While there particularly sticky-wickets in this case (the paintings being considered were given to the library "forever"), the underlying question remains.  In the comments (I assume mostly locals), there were many suggestions for obtaining loans (can a library even apply for a loan from a local bank? I’m not clear on these financial issues), loaning the paintings to local businesses for a fee, and firing the board, but not one suggestion of raising taxes to provide sustaining funding.  The director did note that the idea was to sell one or two paintings to establish a foundation, the earnings of which could be used to provide for funding in the future.  I’m not certain that that would be an unreasonable option.  Why pay a bank interest on a loan when you could be put an asset to work?  Remember, this is a public library, not an art museum.  

See on Scoop.itLibrary Collections

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This entry was posted on September 21, 2015 by in Uncategorized.

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