"Normally, we agree with AAMD’s tough stand on deaccessioning, particularly if the sales proceeds are used to pay current operating expenses. But there needs to be flexibility in any rule. This decision and the resulting sales strike us as well considered and reasonable. First, the sale was made after an extensive consideration by the board of directors. .... Second, the sale apparently was necessary for the Academy to survive. ... The Academy’s interim director, Carmine Branagan, told Kennedy that the Academy would have been forced to close without the sale. It has unpaid vendors. ... The AAMD can stand on principle, but the fact remains that the Academy holds over 7,000 paintings, most of which have never been publicly displayed .... Some of the sales proceeds will be used to mount exhibitions that will be open to the public. If the status quo continues, future generations will be deprived of seeing works by Chuck Close, Japser Johns, Franky Gehry, and Wayne Thiebaud."
He also does what many reflexive opponents of deaccessioning often fail to do, namely consider the alternatives:
"What happens if an organization like the Academy files for bankruptcy? Maybe the state attorney general will intervene to protect the charitable assets, but bankruptcy can be a messy process. Unless the assets are specifically restricted by the donor, a case can be made that they can be used to satisfy creditors. See In re