Art: The Impermanent Collection

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No doubt, the temptation offered by the hypertrophic art market can also promote institutional laziness. Why come up with other ways to raise money when whatever paintings you have in hand are a potential and easily accessed gold mine? Jock Reynolds, director of the Yale University Art Gallery, says Fisk could have explored other ways to keep or share the entire collection and still make some money from it. "Why not look into co-ownership with Mrs. Walton?" he asks. "Or they could offer the collection under some kind of partnership arrangement to another historically black university."

But in today's market, it will always be tempting to cash out. In March, just as Philadelphia was congratulating itself for managing to keep The Gross Clinic at home, Jefferson University dropped the other shoe. It abruptly announced it would also be selling its two remaining Eakinses, both of them portraits of 19th century physicians who were once on the school's faculty. The weary and tapped-out locals have made no significant move to save those.

Meanwhile, the Albright-Knox auctions will continue over the next several weeks. At least some of what's sold in them will go back up on public display, though not in Buffalo. The buyer of a circa 10th century granite statue of the Hindu god Shiva that went for just over $4 million was the Cleveland Museum of Art, which, unlike the Albright-Knox, already has a substantial Asian collection. But much of the rest will disappear into the possession of dealers and private collectors. In the way of such things, in due time some of it may well make its way back into the public domain. It's the fate of art to circulate. But make no mistake, due time could be quite a while.