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The Memphis College of Art announced two years ago that it was closing. Next month the college will auction off its entire legacy collection of 500 works of art, according to WMC 5, a local television station.

The small nonprofit college's board determined in 2017 that an "independent, private fine arts and design college is no longer financially sustainable in Memphis." The board at the time cited declining enrollment, real estate debt and the lack of a viable plan for long-term sustainability.