PAPER B

EXTRACT OF THE MINUTES OF THE EXECUTIVE HELD ON 5 JUNE 2002

34.      URGENT BUSINESS - AUCTION OF PAINTINGS

The Chairman agreed to consideration of an urgent item of business as a decision was required prior to the next meeting. An oral report was given by the Strategic Director, Education and Community Development which informed members that Christies would be auctioning a collection of 85 paintings of the Isle of Wight by Thomas Rolandson and Samuel Howitt. A successful bid in excess of £750,000 had been made to the Heritage Lottery Fund. This left a gap of £50,000 funding between the grant and the valuation. Members were advised that if no offer had been received from the Council by 14 June 2002 the paintings would be sold as individual lots. Members recognised that this was a unique opportunity to purchase a piece of history relating to the Island although they understood there would be further costs relating to insurance, display and storage of the paintings. The shortfall of funding would be met from the capital programme.

RESOLVED :

THAT authority be given to proceed with the bid and funding of up to £50,000 be released if unable to be met by external sources.