Fisk University
In 2006, Fisk University agreed to sell a 50% stake in a 101-piece Stieglitz collection to Crystal Bridges for $30 million. The collection was donated to the university by Georgia O'Keeffe in 1949. This agreement became tied up in a legal battle between Fisk University and the Georgia O'Keeffe Museum in New Mexico, but the museum withdrew its lawsuit. The Tennessee Attorney General attempted unsuccessfully to stop the sale. In October 2010, a judge ruled that a 50% stake in the collection could be sold to Crystal Bridges if modifications to the contract were made so that Fisk University could not lose its interest in the collection, nor could the joint venture holding ownership of the collection between Fisk University and Crystal Bridges be based in Delaware (or outside Tennessee Courts). The modified agreement would allow the works to stay at Fisk University until 2013 and then begin a two-year rotation with Crystal Bridges. In April 2012, the Tennessee Supreme Court upheld a lower court decision to allow the sale to move forward. A few months later on August 2, the Davidson County Chancery Court approval a Final Agreed Order that established joint ownership between Fisk University and Crystal Bridges through the newly established Stieglitz Art Collection, LLC. The operating agreement required Fisk University to set aside $3.9 million of the $30 million sale proceeds to be used to establish a fund for the care and maintenance of the collection at the Carl Van Vechten Gallery at Fisk University. The court dispute cost Fisk University $5.8 million in legal fees.