06/30/2011 08:45 pm ET Updated Aug 30, 2011

Brandeis University Rose Art Museum Will Not Sell Art

The legal battle over Brandeis University's Rose Art Museum's collection is finally over. According to reports published Thursday morning, the university has settled its legal dispute with museum supporters who had sought to stop the sale.

In 2009, the then-President, Jehuda Reinharz of Brandeis announced the school would be closing the museum and selling off the collection of modern art in order to ease the university's financial problems. The sale was postponed after public outrage and Reinharz stepped down as president.

Brandeis released a statement Thursday stating that "the settlement agreement, which brings to an end all claims concerning management of the Rose and the potential sale of artwork, states that the Rose is, and will remain a university art museum open to the public and that Brandeis has no plan to sell artwork."

The Rose Art Museum houses extremely valuable pieces by artists such as Andy Warhol, Jasper Johns, Willem de Kooning, Roy Lichtenstein, Robert Rauschenberg, Morris Louis, Matthew Barney, Cindy Sherman, and Richard Serra. The collection has been valued at more than $350 million.

The current president of Brandeis, Fred Lawrence, has not ruled out renting the art in order to raise funds stating, "We’re exploring options, but I’m focused on the 50th anniversary of the Rose this year, with planning traveling exhibitions, and with bringing supporters back to the museum."

As of now, Lawrence is focused on finding a new director for the museum and celebrating the 50th anniversary in the fall.