Art Law Report

First Week of Corcoran Cy Prés Hearing Wraps Up, Focus is on Financial Condition and Other Alternatives to Proposed Merger

Posted by Nicholas O'Donnell on August 1, 2014 at 6:35 AM

Judge Robert Okun closed the first week of hearings yesterday on the proposed modifications to the Corcoran Gallery and the Corcoran Gallery of Art + Design in Washington, DC. The Corcoran’s trustees have petitioned the DC Superior Court for cy prés, to modify the trust that governs the two institutions to allow mergers with the National Gallery and George Washington University. All told, reports indicate that both sides have made strong presentations of the financial hardship on the one hand, and the possibility that the proposal may not be the only way out of this on the other.

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Topics: Linda Daschle, Deaccession, Kenneth Duberstein, George Washington University, William “Billy” Martin, University of Maryland, Adrian M. Fenty, Wayne Reynolds, Cy Pres, Corcoran College of Art + Design, Catherine Merrill Williams, Wallace D. Loh, Buffy Cafritz, Lauren Stack, Frank Connor III, Trusts, The Washington Post, Corcoran Gallery, Museums, Susan Molinari, Harry F. Hopper III, National Gallery, Graham Holdings, Richard Okun, Marcus Brauchli

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