The passage of two years’ time has reinforced that the James Prendergast Library was making the right decision to sell much of its art collection.

In 2015, the library board approved selling dozens of pieces of artwork from its private collection to raise money for its endowment and to preserve the artwork, something that was outside of the library’s budget and realm of expertise. The decision was roundly criticized by many in the community, prompting the board to accept an offer from Jesse and Cathy Marion in December 2015 not to sell any of the art in exchange for $60,000 in 2016 that would be used toward the library’s budget. In turn, 2016 would be used trying to find a local buyer for the collection.

No such buyer materialized in the last 18 months. It took much of those 18 months to secure permission in Surrogate’s Court to sell the artwork as well. That approval came in May when the state attorney general’s office approved an agreement that will allow the library board to sell the artwork as long as the board selects an auction house that can handle the size and value of the collection.

At the same time, hindsight shows the library board correctly foresaw the need to add to the library’s endowment. IRS Form 990 filings from 2005 show the library received 80.84 percent of its funding from public sources. Tax filings show that percentage fell to 78.25 percent in 2014 and 71.73 percent in 2015. At the same time, the library’s endowment lost value for the first time in five years in 2015 due to a sluggish stock market at the same time the library was increasing use of the endowment 40 percent compared to 2011. Neither number will get any better as financial filings reflect the library’s decreased commitment from the city of Jamestown due to its own financial issues.

The library board still has much work to do to place the library back on solid financial ground. Selling the artwork will help provide the time necessary to do just that.