Wednesday, November 14, 2007

Randolph Clock Ticking

It doesn't look like the Randolph College plaintiffs are going to be able to post the $10 million bond required to stop the sale of four paintings at auction this month. The deadline is 4:30 p.m. tomorrow. More here from the Lynchburg News & Advance.

In an earlier statement, a spokesperson for the group fighting the sales said a lower bond amount was justified because "if the Plaintiffs lose, the College will still have possession of the paintings and can simply sell them at a later date when the art market may be in a more favorable position and when the taint of the College's actions in this matter may have left buyers' memory" -- but of course the bond is required precisely in case the opposite happens (the art market comes to be in a less favorable position).

As Lee Rosenbaum notes, the group's lawyer is playing hardball: "Injunction or no, if we prevail on the merits of the case next year ... then further litigation focusing on the return of the art will commence with those that purchase these paintings."