“Opened in 1914, the small, neoclassical Montclair [N.J.] Art Museum has long boasted an impressive collection of American art…. In the stewardship of its permanent collection, however, Montclair has left a more questionable legacy. The museum has often treated its record of local philanthropy as trade-in art.” Now the museum is exploiting a loophole in the Association of Art Museum Directors guidelines, selling works from its collection as part of its new “financial security plan.”