Two of four Chinese paintings donated to the Pacific BoyChoir Academy in Oakland, Calif., believed to be worth a collective $2.8 million. By Michael Brice-Saddler Michael Brice-Saddler General Assignment Reporter Email Bio Follow March 4 at 11:00 PM The four works of Asian art were supposed to provide financial relief for the small music-education-focused Pacific Boychoir Academy in Oakland, Calif.
“What this level of a donation had the ability to do for us was give us this long-term sense of stability,” she said. “So that we could really see the next 20 years and imagine growing to a larger campus, ways we could grow our program, just really enabling us to begin to dream and reach for those next steps.”
The school is in “active” discussions with the New York appraisers who provided the false estimates to learn what happened, she said. Because of the mistake, a presumption of financial abundance has shifted to survival mentality as the community rallies to keep the school afloat for the rest of the year.
Students sing at the Pacific Boychoir Academy in Oakland. Next year, with increased enrollment, the school should be able to meet its expenses independently, she added, pointing to the notable results it had by hiring a communications and full-time admissions director. The academy houses students in grades 4-8 and enrollment costs about $24,000, Geistlinger said. Students take regular academic classes for half the day and spend the rest of their time doing music theory.
For the Pacific Boychoir Academy, those expert opinions were ultimately the difference between $2.8 million and next to nothing. The school is now trying to make up that loss through more traditional fundraising efforts, Geistlinger said, and have raised at least $62,000 in donations so far. She could not specify whether that included the more than $40,000 contributed to a GoFundMe effort in the school’s name by Tuesday morning.
jwromani The same thing happens when you buy art on a cruise. Was waiting for the article to state the appraiser was from Park West. No appraiser “wants” to appraise items low. Feels good to appraise high. Just don’t spend the money til your sale check clears.
They are graduates of the Citron School of High Finance. No? Oh so, they graduated cum stupidy Trump University.
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