Here’s one way to deal with the higher ed bubble – sell some really expensive stuff.

Scott Jaschik of Inside Higher Ed reports.

Art vs. Endowment

More than six years after announcing plans to sell a masterpiece of American painting — the 1912 work “Men of the Docks,” by George Bellows — Randolph College has done so, gaining $25.5 million for its endowment.

In selling the painting, the college disregarded the policies of several art and museum groups, which state that museums (including those run by colleges) should sell art only to buy more art, not to improve their finances. The significance of “Men of the Docks” is evident not only by the price, but by the purchaser, the National Gallery of Britain, for which the painting is the first major work by an American ever bought for the permanent collection.

Randolph officials portray the sale as a success for the college, giving its endowment a significant boost, and point as well to internship opportunities the National Gallery has agreed to create for Randolph students.

But arts associations fear that such sales only encourage others, and undermine the role of college museums in preserving art, and educating students about art. In some cases, as at Randolph, college administrators have proposed to sell art. Brandeis University administrators in 2009 proposed to sell off its noted collection of modern art — and the university backed away from the plan after a huge uproar.

Here’s the painting.