Background/Discussion
The subject painting was painted on canvas and glued to a wall of the old Chieften Hotel. The painting was gifted to the City of Council Bluffs in 1972 and stored by the City until 1986 when the Bluffs Art Council obtained a grant to assist with the restoration of the painting. Once restored the painting was loaned to Iowa Western Community College where it has been on display in Looft Hall Auditorium ever since.
PACE has requested that the subject painting be placed on loan to it so that it may be displayed in their Grant Wood Gallery at the Hoff Family Art and Cultural Center. PACE has recently had the painting appraised at a value of $2 million. During the duration of the Loan agreement they will maintain insurance coverage on the subject painting in this amount.
Iowa Western Community College has agreed to relinquish any rights it has to display the painting back to the City so that the City is free to enter a FINE ARTS LOAN AGREEMENT with PACE.
The PACE building is 100% sprinkled, with the gallery area on the 4th floor equipped with a dry pipe pre-action system interlocked with VESDA smoke detection system. The building has an electronic security alarm system, with magnetic contacts, passive infrared motion detectors, and 24 hour closed circuit television.
When the gallery is open, a docent trained in security measures is physically present to oversee visitors.