After Chase Bank bought the failed Washington Mutual in 2008, Chase found itself with more art than it had space for, as Chase’s Washington Mutual is a slimmed-down version of the disgraced original.
What happens to roughly two-dozen paintings, drawings and sculptures by veterans of the Northwest mainstream that Chase decided not to keep? (Including Alden Mason, Joseph Goldberg, Jeffry Mitchell, Robert Sperry, Frank Okada, Doris Chase and Gaylen Hansen.)
Earlier this week, Chase staged a give-away. Museums were invited to choose what they wanted, followed by other selected nonprofits. The Seattle Art Museum confirmed that it participated but declined to say what it picked, as those choices are dependent upon approval from an acquisitions committee.
Rumor has it SAM chose the Sperry and nothing else. Other museums didn’t want to confirm the giveaway at all, as they believe Chase wants to remain anonymous.
Chase could have sold everything anonymously and cashed the check, although the gap between the work’s appraised value and current market value could be large, making tax deductions a better financial option. Whatever the motive, there are worse things that could happen to art than landing in a museum.
I agree completely with Regina that the best use of this artwork is to put it in the hands of museums and non-profits. Hopefully, the best of this work will further dignify the collections of these museums.
Chase was smart in allowing these museums first chance at the art, before other non-profits. I suspect that, with this gift, Chase has put several artists into the collections of some of these museums who weren’t there previously. I hope we see exhibitions of this work as time goes by and that it will appear publicly in ways that it couldn’t through being in corporate offices in a skyscraper.
As Chase acquired Washington Mutual, and WaMu had, over the years, acquired other banks (who had acquire other banks) with art collections, the collection itself was, in the end, a great unknown.
Perhaps by bringing it to light we will publicly see some of the inspired acquisitions by banks such as Lincoln Mutual Savings Bank, who were acquired by Washington Mutual.
Lincoln, locally under the direction of William Calderhead, put together a wonderful small collection that included large works by such artists as Francis Celentano and Alden Mason. It also acquired work about Abraham Lincoln by Norman Rockwell.
I also think Chase is commendable for making this process such an easy transition. Without a lot of due process, administrative paperwork and stings of expectation attached. It sounds as it Chase simply transferred ownership to worthy institutions to use as they pleased. I think that’s commendable, good stewardship.
Good for them. Good for us.