The university, which made the decision to sell its art collection, has “a projected deficit of $79 million over the next six years, a tapped-out reserve fund, a shrunken endowment and “quite a number” of big donors hit hard by the Madoff scandal? Faced with the prospect of closing 40 percent of the university’s buildings, reducing staff by an additional 30 percent, or firing 200 of its 360 faculty members…”