That announcement, including the names of the paintings and the dealers with whom they were placed, was a positive step toward shedding light on usually obscure transactions, said Janet Landay, executive director of the Association of Art Museum Directors. The association's ethical guidelines allow institutional selling only if proceeds are used for acquisitions; the academy's funds are restricted to buying additional art.
The Rosenbach is not a member of the association but followed its stringent guidelines anyway, Dreher said. "I think it's important, to maintain public trust, to be transparent," he said Wednesday, calling the deaccessioning justifiable and a "smart decision."
The Rosenbach board made the decision in October. Dreher said it would have been difficult to provide information earlier in the process.
"There are concerns about confidentiality during negotiations that would make it hard to issue a news release before the fact," he said. "The timing does confront people with a done deal."
Nevertheless, he pointed out, the paintings have been consigned but not sold. Similarly, five paintings had been consigned to dealers by the Pennsylvania Academy but not sold when it announced the deaccessioning. The Philadelphia Museum of Art was offered one but declined. Negotiations are under way to place one painting with another area museum.
The Greaves works were acquired in 1911 by Philip H. Rosenbach, an art dealer who founded the museum with his brother, A.S.W. Rosenbach, Dreher said. He then tried to sell them over 30 years.
"He ended up buying high . . . and not being able to sell at all," Dreher said. "It left him sitting on a worthless pile of paintings."
