Alice Walton and Fisk University's board of trustees have entered into an agreement, subject to a court ruling, under which Fisk will sell Walton an undivided half interest in its Alfred Stieglitz Collection of 101 works of 20th century art for $30 million.
In addition, Walton has pledged $1 million to Fisk, the historically black university located in Nashville, to renovate its Carl Van Vecton Gallery. Crystal Bridges Museum, which Walton is building in Bentonville and where the Stieglitz Collection will be on exhibit, will also offer an internship to Fisk students to study the collection on site in Arkansas.
The sale depends on the approval of a Tennessee chancery court, which ruled recently against the Georgia O'Keeffe Museum's proposed settlement of its action to stop financially-troubled Fisk from selling the collection. The O'Keeffe Museum's suit said such a sale would would violate the terms of Stieglitz's gift to the university. The museum offered to drop its action against Fisk if Fisk would sell it O'Keeffe's iconic painting "Radiator Building" for $7.5 million. The agreement between Walton and Fisk will be subject to the outcome of the lawsuit; Fisk will argue that the sale to Walton will benefit the college and the residents of Nashville.