A recent deal that involved transferring ownership of a major piece of western American art from the Denver Art Museum to a nonprofit organization controlled by Philip Anschutz has caught the attention of the Association of Art Museum Directors, which is now investigating the transaction, reports arts critic Tyler Green in his Modern Art Notes blog.

The deal, which transferred 50 percent of control over Charles Deas’s Long Jakes painting to the Anschutz Collection, also involved a gift of money back to the Denver Art Museum by the collection so the museum could purchase other works of art from the Philadelphia Museum of Art, Mr. Green reports. The AAMD is questioning whether the arrangement adheres to its professional-practices guidelines.

Mr. Anschutz has been a major donor to the museum through his foundation (gifts since 2000 total $7.6-million) but he is not a museum board member. Mr. Green’s sources tell him that the relationship between the museum, Mr. Anschutz, and his related organizations is being examined because of the following section of the AAMD’s guidelines:

“No member of a museum’s board or staff, or anyone whose association with the institution might give them advantage in acquiring the work, shall be permitted to acquire directly or indirectly a work deaccessioned by the museum, or otherwise benefit from its sale or trade.”

Mr. Green will be following this story on his blog. What are your thoughts about this transaction? Was it a sweetheart deal or an opportunity for a museum to leverage its collection?