Norfolk Southern sells painting, donates to the 611 fund

[reinhardtjh]

"In a fortunate intersection of the worlds of fine art and railroading, Norfolk Southern has sold a well-known abstract expressionist painting and will use a portion of the proceeds to help fund the restoration and long-term maintenance of another American treasure, the Class J No. 611 steam passenger locomotive.

NS Chairman and CEO Wick Moorman said NS sold its untitled 1959 Mark Rothko painting through an auction in New York City on Nov. 14 and will direct $1.5 million of the proceeds to “Fire Up 611!,” the capital campaign to rehab the famous Norfolk & Western Railway streamliner and return it to passenger excursion service."

Full press release at:
http://www.nscorp.com/content/nscorp/en/news/norfolk-southernsupportsrestorationofhistoriclocomotivethroughsa.html


In other news, the Fire Up 611 group reported on Nov that the rebuild/refurb portion of their goal had been reached

http://fireup611.org/?page_id=20

[Kisatchie]

Some samples of Mark Rothko paintings:

https://www.google.com/search?q=untitled+1959+Mark+Rothko+painting&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a


Hmm... that's art...?

[Ali Kenneth]

With this and the tribute advert in Trains NS are showing themselves as one classy outfit.

[davefoxx]

I'm really excited about the possible return of 611 to excursion service.  I was lucky enough to witness one of its last runs in 1994.  I'll never forget the sights and sounds it made, but I look forward to seeing them again.  Kudos to Norfolk Southern!  I tend to be a fan of CSX predecessors, so it's without bias that I add, "Pay attention, CSX!"

DFF

[reinhardtjh]

Some samples of Mark Rothko paintings:

https://www.google.com/search?q=untitled+1959+Mark+Rothko+painting&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a


Hmm... that's art...?

And you can get this one for $85  http://www.jackygallery.com/index.php?main_page=product_info&products_id=295

Or this one set an oil sheik back $72.8 MILLION  http://en.wikipedia.org/wiki/White_Center_(Yellow,_Pink_and_Lavender_on_Rose)

$72.8 mega-bucks is a lot of locomotive preservation.  I'm just sayin'

[ljudice]

Nice gesture, but as a stockholder,  I wonder what the hell they were doing with an apparently $3.7M+ painting sitting around  (the selling price was $3.7M)

The $1.5M donation probably was to reduce their tax exposure in the sale, so we can all congratulate ourselves on being the real ones footing the bill for this donation.

[Robbman]

Nice gesture, but as a stockholder,  I wonder what the hell they were doing with an apparently $3.7M+ painting sitting around.

As another stockholder, I wonder what the hell happened to other stockholders reading the darn press release

From the linked press release:

"NS bought the painting in 1996. It was part of the railroad’s collection of public area visual art and historical artifacts safeguarded throughout the history of the corporation, including train models, tools, clocks, safety and service awards, and maps. Some pieces – including the Rothko -- have been loaned to museums in the U.S. and abroad for exhibitions. "

[ljudice]

I saw that - and the question is - in 1996 they had abolished their steam program crying poverty, but were apparently spending money on art?

It sounds as if the current regime at NS has it's head in the right place....

[lock4244]

NS really looking like a RR where foamers call the shots.

So long as one doesn't live in the past, it is always wise to respect and understand one's history.