Art: Anatomy Lessons & Elephant Tusks

In today's overcrowded art market, the museum director in search of new acquisitions finds himself in much the same position as a stockbroker in a runaway bull market. If he buys the current favorites, he will get popular pictures—at an inflated price. The cheaper but far riskier alternative is to buy undervalued art of a period or artist not yet discovered or out of fashion. This is the course chosen by Director Sherman Lee of Cleveland's Museum of Art, who invested the museum's $1,731,557 purchase fund for 1967 in 132 different works.

All now on display, they range from a turquoise pre-Columbian...

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