Sotheby’s Hedreen Auction Proceeds Will Repay Loan, Not Fund University Museum: Report
A $300 million art donation to Seattle University has been revealed to be more complex than originally reported. On Monday, Sotheby’s will begin selling approximately 50 works from the collection amassed by Seattle real estate developer and philanthropist Richard “Dick” Hedreen, previously billed as the “largest art gift ever” to a US university. Hedreen said in September that the sale did not mean the promised gift was falling through. Rather, he suggested, the proceeds would help furnish Seattle University’s new art museum, where the collection was eventually expected to hang. Records newly reported on by The Seattle Times , however, tell a different story: The works are being sold not to fund the museum, but to pay off a debt secured against the collection — a debt Hedreen says stands between him and fulfilling his pledge to the university. What was originally framed as a donation, in reality, was a pledge: Hedreen, whose firm R.C. Hedreen Co. o...