Answering Your Questions About the Rockwell Sale

Thank you members for your comments about my announcement a week ago that the National Press Club and non-profit National Press Club Journalism Institute plan to sell our Norman Rockwell painting, Norman Rockwell Visits a Country Editor.

The sale will occur Nov. 19 at a Christie's auction, and Christie's has said the piece is expected to bring in $10 million to $15 million. Seventy percent of the proceeds will go to the Club, 30 percent to the Institute.

More than 90% of comments via e-mail and at the General Membership Meeting have been positive. Several people have also asked questions, and I have responded to those questions individually. However, I thought members might find it useful if I share the questions and answers with all of you.

Here goes:

Why didn't you tell the members in advance about the possibility of a sale?
If I knew last spring what I know now, I would have tried to give members some indication, no matter how vague, that a task force was looking into the Rockwell. At the time, however, I was skeptical a sale would happen this year, if at all. Given that -- and because of the possibility at that time that the art would come back to the Club -- I didn't think it was wise to have a public discussion about how the value of the piece had spiked. As the process moved forward, confidential discussions began with the Institute board. There were figures and data points that couldn't -- and still can't -- be made public. Other entities, including Christie's, were brought in for additional confidential discussions and negotiations. As these talks progressed, I considered inviting Club members to a private briefing and having them sign a confidentiality agreement. However, it is difficult to expect no leaks when you talk with such a large group. At the end of the day, the handling of complex and confidential negotiations is one of the reasons we elect board members. They have the fiduciary duty to do what is best for the Club.

Did we reach out to benefactors, philanthropists or other wealthy individuals about donating money for security and insurance so the Club could keep the painting?
We did discuss this. The Institute already raises funds for journalism training and scholarships and press freedom. They face a substantial challenge and competition in raising funds for these items that are central to the Institute's and the Club's missions. We didn't think it would be wise to take on what would be a lengthy, substantial and difficult fund-raising effort for something -- that while important -- is not at the core of why we exist as the world's leading professional organization for journalists.

Is delaying the sale a possibility?
No. We see no reason to delay the sale because we are satisfied with the detailed analysis that has already taken place. We are comfortable the time is right to move forward with a sale. At the start of this process, and past the half-way point of it, it didn't appear this sale would happen in 2015, if at all. However, as data was collected and discussions continued, members of both boards decided it was best to move forward this year.

Will you report how proceeds of the sale will be used?
Yes. Club leaders are discussing how the money will be managed and will advise the membership as the process moves forward. While the sale will put the Club and Institute in a better position to make investments for our missions, there is an overwhelming desire on the part of both boards to use the money to secure the future for both organizations.

Why did we choose to go with Christie's?
Christie's is the largest seller of American art and the largest art seller in the world. Norman Rockwell is the essential American artist and a good fit for Christie's. We did look at other options. We were satisfied with Christie's staff, their proposal and their plan for a sale. We believe the Christie's team will give us the best chance for a successful auction on Nov. 19.

What are the terms with Christie's?
I would refer you to Christie's for any discussion of the terms, though both the Club and Institute boards found the terms satisfactory.

Will you sell other art at the Club?
There is nothing planned. In fact, there is nothing at the Club that comes anywhere near the value of the Rockwell, so the conditions that prompted this sale -- security and insurance cost concerns -- don't exist for other pieces of art.

Years ago I bought a copy of the Rockwell and hung it in my office. Is the Club still selling prints?
We have more than 500 prints remaining, and yes you can buy one. Please come to the Club's front desk to make a purchase!