About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

B-168120 1 (1970-07-16)

handle is hein.gao/gaobabkks0001 and id is 1 raw text is: aM6 tL u a LIv - , at to fie released outsude the UeneraN Accounting Office except on l tbas~ of qp~il appioVaG -112, Z6e 11 th ie Ctfficl of GLegis'maive-'Mioai a reord of vdich is k~ept by th'e D triaiorm SeoUni, Pbiiia1fions E-inch, O As/ / COMPTROLLER GENERAL OF THE UNITED sTATeS WASHINGTON, D.C. 20i148 - ~ ( B-168120 RLAE RELEASED rII~iiiiiiiii Dear Mr. Keith: LM08929 I This letter is in further response to your letter of October 8, 1969, in which you requested our Office to review the disposition of certain art works from the National Col- lection of Fine Arts of the Smithsonian Institution. The National Collection has disposed of four paintings in the last 6 years. Two of the painting§,,were Isbld at auc.- tion, one was sold through an art dealer, and one was given to an art dealer in exchange for an American painting. The paintings, L hich were by European artistsj were sold or ex- changed for the purpose of improving the'collection of Ameri- can art works. By this means, the National Collection has acquired a number of American art works and is planning to acquire others. The Smithsonian Board of Regents had not established a formal written policy on whether art works in the National Collection should be sold or exchanged, but it was subse- quently advised of the disposition of these four paintings. Since there were differing views on whether the Smithsonian and similar institutions should sell or exchange paintings, we advised Smithsonian officials that'it seemed desirable for the Smithsonian to establish a formal written policy on this matter. We believe that the practice followed by the National Collection in valuing paintings has been less stringent than appears desirable because it has obtained only one indepen- dent estimate of value of the paintings considered foY- s1-e or exchange. We were concerned that one estimate might not be an adequate basis for establishing a painting's market value, 'We therefore suggested that, if a decision was made to continue to permitCsales or exchanges of paintings, proce- dures be established requiring more than one independent ap- praisal of the value of paintings that were being considered for sale or exchange. 0MMM M 1MMM1110 M M1MH1 0 oH1 i ........ ll W7I rIll

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most