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empowered to approve modifications of specific terms within the general framework established in the Regents' discussion:

VOTED that the Secretary is authorized to renew negotiations with the Boston Athenaeum concerning the Gilbert Stuart portraits of George and Martha Washington, with the following limitations: that the Smithsonian will pay no more than $3,000,000; that the Smithsonian will have the right to display the portraits no less than 60% of the time; and that complete responsibility and authority for the conservation and framing of the paintings, possible loans or sale to third parties, and similar questions will reside in perpetuity with the Smithsonian.


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Subsequent to the Regents' meeting, officials from the Boston Athenaeum, the Boston Museum of Fine Arts, and the Smithsonian Institution negotiated terms of an agreement along the following lines:  the Smithsonian is to pay the Athenaeum $2,750.000, the Museum of Fine Arts is to pay the Athenaeum $2,125,000, and the Athenaeum is to lower the price by $125,000 to a total of $4,875,000; the Smithsonian and the Museum of Fine Arts are to be equal partners in ownership and are to exhibit the portraits for equal times, alternating every three years; the Smithsonian, after consultation, is to have final authority and responsibility in matters of conservation and the like.

The Chairman of the Executive Committee has reviewed the proposed terms and has approved them as appearing to comport with the Regents' discussion and resolution on January 28, 1980.