The Corcoran Gallery of Art will dissolve as expected, leaving more than half of its art to the National Gallery (with the rest going to other, preferably local galleries) and its educational facilities to George Washington University.

As the Washington Post reported this afternoon, the Corcoran will use $48 million of endowment money and rug sale proceeds to fund the split. The National Gallery will take over part of the Corcoran’s exhibit space to show art from both institutions’ collections, and GW will use some of the rest for its own purposes.

Good-ish news for Corcoran College of Art & Design faculty members: All 25 of you will keep your jobs—-for now. You’ll be offered a one-year contract under the auspices of GW. Ditto for the 20 museum staffers, who’ll be employed for at least a year with the National Gallery. No word yet on adjunct faculty, and a few dozen college staffers are getting dumped for good in the split. Corcoran students will continue to pay their current tuition rate, which is about $17,000 shy of what GW students pay. Next year’s applicants will almost certainly pay more for a GW diploma. One small consolation: Admission to the new Corcoran/National Gallery mash-up museum will be free.

Photo by Darrow Montgomery