A Painting's Value

The Iowa City Press Citizen reports that the Iowa state Board of Regents will conduct a study to determine the value of a prized University of Iowa possession: a Jackson Pollock painting.
The study will center on Pollock's "Mural," which is part of the University of Iowa Museum of Art collection and was appraised at $150 million several years ago.
The actual work is quite enormous, measuring about eight feet tall and 20 feet wide, and was donated to the museum by art collector Peggy Guggenheim.
UI President Sally Mason was reported as saying that UI does not plan to sell the painting, but she encourages the study so that the regents can become fully informed about the painting's value to UI.
Regent Michael Gartner, who requested the study, explained he is not proposing for the painting to be sold, but added that it would be good for the regents and UI to be aware of their options as the university faces major expenses in flood recovery. Contents in the University of Iowa Museum of Art have been removed to protect them from the recent flooding.
University Business covered the topic of selling institutional assets in its May 2008 issue. The article can be read here.