The Lincoln Library May Have to Sell the President's Hat and Blood-Stained Gloves to Pay Off a Loan
Two of the most valuable artifacts in the Abraham Lincoln Presidential Library and Museum may be shut away from the public for good if the institution can't pay off its debt. As the Chicago Tribune reports, the presidential library's foundation took out a $23 million loan in 2007 to acquire a collection of items that once belonged to the 16th president. Over a decade later, the Springfield, Illinois institution has yet to pay back the entirety of the loan—and it may have to auction off some of the very items it was used to purchase to do so.
The 2007 loan paid for most of the $25 million Barry and Louise Taper Collection, which before moving to the library was the largest private collection of Lincoln memorabilia compiled in the last half-century. It features 1500 items, including many of Lincoln's personal belongings and writings.
The foundation still owes $9.7 million on the loan, which comes up for renewal in October 2019. In order to avoid financial trouble and retain the majority of the artifacts, the foundation is considering auctioning off two of the most valuable pieces in the collection: A stovetop hat thought to have belonged to Lincoln and the blood-stained gloves he wore on the night of his assassination.
As long as they're in the museum's possession, the artifacts are available for the public to view and researchers to study. If they end up on the auction block they will likely go home with a private buyer and become inaccessible for the indefinite future.
While the Lincoln library is run by the Illinois government, the foundation is privately funded and run independently. The foundation appealed to Governor Bruce Rauner for financial assistance earlier this month with no success. Springfield-area Representative Sara Wojcicki Jimenez, however, tells the Chicago Tribune that she is looking into ways to relieve the museum's financial burden.
If the state doesn't follow through with funding, the foundation does have a backup plan. The Barry and Louise Taper Collection also includes a handful of Marilyn Monroe artifacts sprinkled in with the Lincoln memorabilia and some of those items are going up for auction in Las Vegas on June 23. Revenue from a dress worn by Monroe, pictures of her taken by photographer Arnold Newman, and a bust of poet Carl Sandburg that once belonged to the icon will hopefully offer some relief to the foundation's outstanding debt.
[h/t The Chicago Tribune]