MEMPHIS, Tenn. (AP) - A private art college in Memphis is selling off much of its art collection to deal with financial problems.
The Memphis College of Art also reduced spending by laying off four professors, cutting some adjunct faculty and eliminating some electives.
MCA officials wouldn't disclose financial details to The Commercial Appeal beyond saying the college cut spending by 28 percent and its budget is now balanced.
The board of trustees approved selling the art after President Ron Jones declared a financial emergency in May.
The 550 artworks were donated during the college's 75-year history by faculty members, local artists and benefactors. Officials said many pieces aren't significant to the college's history.
Much of the art hasn't been on display and the college has been paying to store it.