The Delaware Art Museum announced on Wednesday the impending sale of four artworks from its collection to offset a $19.8 million bond debt. Known for premier holdings of American art and Pre-Raphaelite paintings, the museum says it expects to generate $30 million from four sales from its 12,500-object permanent collection.

The exact artworks to be sold have not yet been identified, but the museum says gifts and bequests will not be sold. Museum officials are pushing for a quick sale, within 6 months, and expect to be on firm financial footing once the debt is paid off and its endowment is replenished.

“After detailed analysis, heavy scrutiny and the exhaustion of every reasonable alternative to relieve our bond debt, the Trustees had two agonizing choices in front of them—to either sell works of art, or to close our doors,” said Mike Miller, Chief Executive Officer at the Delaware Art Museum. “While today’s decision is certainly hard to bear, the closure of this 100-year-old museum would be, by comparison, unbearable.”

Museum trustees worked with the Association of Art Museum Directors (AAMD) and the American Alliance of Museums (AAM) to find alternative solutions to the sales, and looked into refinancing strategies. In the end, the trustees decided the sale of artworks was the most viable option for debt relief.

The museum's debt came from the renovation and expansion of its historic Kentmere Parkway building. Tax-exempt bonds issued in 2003 became subject to new restrictions during the 2008 financial crisis, and the endowment shrank during the same period causing staff lay-offs and other troubles.

“This decision was made with heavy hearts, but clear minds,” said Elva Ferrari-Graham, President of the Museum’s Board of Trustees.

Sales of artworks from museum collections to shore up finances or for operational expenses is frowned upon in the art world, as the art is considered to be held in the public trust. Earlier this month, Maier Museum of Art at Randolph College in Virginia was served a sanction by the AAMD for selling off a key artwork by George Bellows in order to fund college operations. 

Just last week, the Delaware Art Museum launched a virtual gallery of its best-known artworks. View the collection here.