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Abraham Lincoln library and museum may sell artefacts to pay loan debt Abraham Lincoln library and museum may sell artefacts to pay loan debt
(25 days later)
The Abraham Lincoln Presidential Library and Museum in Springfield, Illinois, may be forced to sell part of its rich collection, due to debt on a loan taken for a major purchase more than a decade ago.The Abraham Lincoln Presidential Library and Museum in Springfield, Illinois, may be forced to sell part of its rich collection, due to debt on a loan taken for a major purchase more than a decade ago.
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In 2007, the museum’s fundraising foundation borrowed $23m to buy 1,500 documents and artefacts from a private collector. It now owes $9.2m on a note due in October 2019 but donations have slowed and attempts to secure a state government grant have met determined resistance.In 2007, the museum’s fundraising foundation borrowed $23m to buy 1,500 documents and artefacts from a private collector. It now owes $9.2m on a note due in October 2019 but donations have slowed and attempts to secure a state government grant have met determined resistance.
In a statement, the foundation said a sale may be necessary. Negotiations and fundraising continue: a GoFundMe page had by Saturday raised a little over $33,000. But material is being culled for potential debt reduction “without selling off core items”.In a statement, the foundation said a sale may be necessary. Negotiations and fundraising continue: a GoFundMe page had by Saturday raised a little over $33,000. But material is being culled for potential debt reduction “without selling off core items”.
The museum contains riches: examples of Lincoln’s earliest known writings; his presidential seal, with wax remnants from its last use; an 1839 legal brief that contains the signatures of Lincoln for the plaintiff and his rival Stephen A Douglas for the defence; the blood-soaked kid gloves the 16th president had in his pocket when he was killed.The museum contains riches: examples of Lincoln’s earliest known writings; his presidential seal, with wax remnants from its last use; an 1839 legal brief that contains the signatures of Lincoln for the plaintiff and his rival Stephen A Douglas for the defence; the blood-soaked kid gloves the 16th president had in his pocket when he was killed.
But it also contains many items that could be considered expendable. For example, there are five dozen playbills, letters and lithographs which belonged to Junius Brutus Booth, the father of Lincoln’s assassin, John Wilkes Booth. The older Booth died in 1852, eight years before Lincoln was elected.But it also contains many items that could be considered expendable. For example, there are five dozen playbills, letters and lithographs which belonged to Junius Brutus Booth, the father of Lincoln’s assassin, John Wilkes Booth. The older Booth died in 1852, eight years before Lincoln was elected.
There is also an 1874 invitation to the wedding of the daughter of President Ulysses Grant, a 1928 memo to the wife of the law partner of Lincoln’s son Robert Todd Lincoln and a 1948 limited edition copy of Stephen Vincent Benet’s poem John Brown’s Body.There is also an 1874 invitation to the wedding of the daughter of President Ulysses Grant, a 1928 memo to the wife of the law partner of Lincoln’s son Robert Todd Lincoln and a 1948 limited edition copy of Stephen Vincent Benet’s poem John Brown’s Body.
Selling such items would hardly make a dent in the debt. Online, a copy of Benet’s poem from the same printing goes for under $100. Several years ago, a New York dealer sold an 1851 Junius Booth playbill for $400.Selling such items would hardly make a dent in the debt. Online, a copy of Benet’s poem from the same printing goes for under $100. Several years ago, a New York dealer sold an 1851 Junius Booth playbill for $400.
“You can’t take nine of those pieces and come up with $9m,” said Brian Kathenes, a New Jersey-based appraiser. “You’d probably have to go after some of the better stuff or sell a lot more of it off.”“You can’t take nine of those pieces and come up with $9m,” said Brian Kathenes, a New Jersey-based appraiser. “You’d probably have to go after some of the better stuff or sell a lot more of it off.”
That will be difficult to do. Harold Holzer, an award-winning Lincoln scholar, said museums routinely sell duplicative items or “second-rate things” acquired along with prized treasures.That will be difficult to do. Harold Holzer, an award-winning Lincoln scholar, said museums routinely sell duplicative items or “second-rate things” acquired along with prized treasures.
“But not to pay the rent,” he said, “because the temptation is too large to defenestrate the place in order to pay for the walls. The walls were built to protect the material. The material is not there to protect the walls.“But not to pay the rent,” he said, “because the temptation is too large to defenestrate the place in order to pay for the walls. The walls were built to protect the material. The material is not there to protect the walls.
“Everything that you remove exponentially cripples the institution. It makes things worse, not better. Even if you collect some money, your reputation is so scarred that I don’t think it would ever recover.”“Everything that you remove exponentially cripples the institution. It makes things worse, not better. Even if you collect some money, your reputation is so scarred that I don’t think it would ever recover.”
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