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Tuesday, 01 April 2014 15:03

The Met Sold Millions Worth of Art in 2013

The Metropolitan Museum of Art, New York. The Metropolitan Museum of Art, New York. Wikipedia

In 2013, New York’s Metropolitan Museum of Art sold 3,290 objects worth a total of $5.4 million -- the institution’s highest revenue from such sales in eight years. So far, $3 million worth of paintings have been sold in 2014.

The works, which were offered at auction, previously resided in the museum’s storage facility. In 2013, the Met reported a $4.4 million operating deficit, which was said to be caused by Hurricane Sandy and other factors. The institution stated that the proceeds from the sales did not go toward its debt. Rather, the museum sold the works to refine its collection and to make room for future acquisitions. Museums are forbidden by the state Board of Regents from selling artworks in order to fund operating costs.

The Met sold Old Master paintings, Renaissance works, and clothing and accessories from its Costume Institute. The museum currently owns upward of 1.5 million objects.

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