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About a third of the Corcoran Gallery of Art and College of Art & Design’s 465 employees are slated be laid off as soon as mid-August as the longstanding art institutions prepare to merge with the National Gallery of Art and the George Washington University.

The Corcoran issued a layoff notice to all of its employees last month, but the Corcoran expects about a third of them will actually be laid off as of Aug. 16, which is the effective date affiliated with the notice.

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According to a plan announced on Wednesday, February 19, Washington, D.C.’s Corcoran Gallery of Art could hand over its vast, 17,000-piece collection to the government-backed National Gallery of Art. Under the proposed plan, George Washington University would assume control of the Corcoran’s historic Beaux-Arts building as well as the Corcoran College of Art and Design.

The proposal aims to keep the Corcoran open to the public and its collection, which features works by Claude Monet, Pablo Picasso, Winslow Homer, John Singer Sargent, Edward Hopper and Willem de Kooning, would remain in public institutions. The National Gallery would present exhibitions of modern and contemporary art in the Corcoran under the name Corcoran Contemporary, National Gallery of Art. It would also oversee the Corcoran Legacy Gallery, which would present a selection of works from the Corcoran’s collection.

The Corcoran, the largest privately supported art museum in the country, opened to the public in 1897. The museum has been struggling financially for years and is in need of considerable renovations.

A decision regarding the proposal is expected to be made in April.

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