Club decides to sell Rockwell painting due to high valuation, insurance costs
A sharply rising valuation and related insurance costs led to a unanimous decision by the boards of the National Press Club and the NPC Journalism Institute to sell the Club's Norman Rockwell painting, "Norman Rockwell Visits a Country Editor," National Press Club President John Hughes said at the Club's general membership meeting on Oct. 2.
In an earlier email and at the meeting, Hughes said that the appraised value of the painting had risen exponentially recently to between $10 and $15 million.
Insurance and adequate security costs for such an art work would run in "six figures," he said. The painting now represents 80 percent of the Club's assets, concentrating too much of the those assets in a single item, he added.
The boards each created task forces that consulted with art, insurance and legal experts beginning last spring, Hughes said. They decided to sell the painting at an open auction by Christie's on Nov. 19.
Christie's was selected because it is both the largest seller of art in the world and the largest seller of American art, Hughes said.
Terms of the sales are advantageous to the Club, he added.
"This sale really helps assure our future, both for the Club and the Institute," he said.
An exact replica of the Rockwell work will be created, placed in the original frame and hung in the foyer of the Reliable Source, where the original hung for many years. The original painting is now in the safekeeping of the Norman Rockwell Museum in Massachusetts.
Membership decreases; profit streak continues
The membership meeting also included the Treasurer and Membership chairs' reports.
Joe Morton, membership chair, reported a total of 3,080 members, down 100 from a year ago, with a slight increase in members under 35.
Treasurer Marc Wojno expects the Club to achieve an annual profit for the ninth consecutive year. The Club's reserve stands at $3 million with no long term debt.
On a quarterly basis, the year has been "akin to riding a bull," Wojno said. Weather problems led to a loss in the first quarter, followed by the best second quarter ever.