Randolph Aids Bottom Line By Selling Off Artwork

If you are under the impression that all colleges have endowments the size of Harvard or even a fraction thereof, you are sadly mistaken. Quite a few colleges and universities across the US are struggling financially, some with their very survival at stake.

Randolph College in Lynchburg, VA is one such school seeking to strengthen its bottom line and hopes to do just that by selling off four of its prized assets, namely valuable paintings donated to the school long ago.

The first painting offered in auction was Rufino Tamayo’s Trovador, purchased last week by an anonymous party for $7.2 million, more than double the amount the school expected to receive for it. Three other paintings are being sold and Randolph College hopes that the proceeds netted will add $50 million to their coffers.

A group of alumni, donors, students, and other concerned people — calling themselves Preserve Educational Choice — had sued to block the sale questioning whether the donor’s intent was being followed. The group announced in March that it was dropping that case, choosing to focus instead on a separate suit against Randolph challenging its right to use any of its assets in a coeducational setting.

Randolph had previously been known as Randolph-Macon Women’s College before admitting men and changing its name in 2006, a decision that has been met with widespread opposition. Virginia’s Supreme Court heard arguments in that case earlier this month with a final decision expected this summer.

Further Reading

Randolph College painting fetches $7.2 million at auction

Should Co-education Be Reversed At Randolph College?

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Tags: art, endowment fund, Randolph College, Randolph-Macon, Virginia