Facing a major budget crisis, Brandeis University has announced it will close its Rose Art Museum and sell off its entire 6,000-work art collection, the Boston Globe reports.

The university said the museum, which was founded in 1961 and expanded in 2001, would close late this summer.

“This is not a happy day in the history of Brandeis,” said president Jehuda Reinharz. “The Rose is a jewel. But for the most part it’s a hidden jewel. It does not have great foot traffic and most of the great works we have we are just not able to exhibit. We felt that at this point, given the recession and the financial crisis, we had no choice.”

The decision, which comes via a unanimous vote by the university’s board of trustees, was announced via a press release with the unintentionally ironic title “With vote to close art museum, Brandeis renews 'unwavering' commitment to students, research and academic mission.” The university says that the museum will “transition into a fine arts teaching center with studio space and an exhibition gallery.”    

Rose director Michael Rush declined to comment on the decision, saying he had just learned of it, but the move has drawn a strong response from the Association of College and University Museums and Galleries.

“Clearly, what’s happening with Brandeis now is that they decided the easiest way [to resolve their budget crisis] is to look around the campus and find things that can be capitalized,” said David Robertson, a Northwestern University professor who is president of the association. “It’s always art that goes first.”

The university, which is a facing a budget deficit that could be ashigh as $10 million, is considering other cost-cutting measures,including cutting staff, increasing enrollment, overhauling its academicdivisions, and requiring students to take one summer semester.

The university declined to provide an estimate of the value of its collection, but it is known to contain a number of masterpieces and is particularly strong in American art of the 1960s and 1970s, with pieces by such artists as Roy Lichtenstein, Andy Warhol, Willem de Kooning, Jasper Johns, Morris Louis, and Helen Frankenthaler.