Horse Racing News is the source of thoroughbred racing information with horse racing odds, betting tips, racing picks, race results, and handicapping. Latest news and articles on top horse racing contenders, jockeys, trainers, three-year-olds, race tracks, and major stakes races such as the Triple Crown races: the Kentucky Derby, Preakness and Belmont Stakes as well as the Breeders' Cup horse races.State Tells NYRA Not To Sell Art Collection
Posted on Thursday, November 17th, 2005
The state of New York is out to stop the New York Racing Association from selling an equine art collection, expected to fetch $2 million, because the paintings are owned by the state.
A total of 19 historic paintings, donated to NYRA by horse owners over the years, are set to be auctioned at Sotheby’s on December 2. Officials are threatening legal action if the sale pushes through without state approval.
"The New York State Racing and Wagering Board objects to this unauthorized sale of state assets and requests that the art be removed from sale until such time that NYRA has applied for and received requisite approvals," said state board Chairman Michael Hoblock in a letter Tuesday to NYRA and copied to Sotheby’s.
The sale of the art was part of NYRA’s plan to stay afloat amidst financial falldown until its franchise expires on Dec. 31, 2007. If its plans aren’t successful, NYRA said it could dissolve by end of November.
NYRA and the state are at odds on ownership claims of racing assests including Aqueduct, Saratoga, and Belmont race tracks. A NYRA spokesman said last week it is considering hiring a bankruptcy attorney and selling a piece of land near Aqueduct race track, which is also being disputed.
NYRA has said it was given the artwork years ago by benefactors, and that its sale can proceed without state approval. Sotheby’s Web site predicted one of the paintings alone was expected to sell for $750,000.
"State Tells NYRA Not To Sell Art Collection" was posted on Thursday, November 17th, 2005 at 11:08 am and is filed under Horse Racing Industry, USA Horse Racing. You can follow any responses to this entry through the RSS 2.0 feed. Leave a response, or trackback from your own site.
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