The New York Times reports today that the Players Club of Gramercy Park now faces economic hurdles and accusations of asset mismanagement from its members. Not all too different from its next-door neighbor, the National Arts Club, in those respects.
The story goes on to say the Players will soon sell its two remaining paintings by John Singer Sargent. From the story:
“Every club in New York is having problems these days,” he said, adding that the sale of the paintings, which he expected to bring in $2 million, was essential to pay off some bills due immediately. The club’s income, mainly from dues, has long failed to cover its expenses, he said, blaming the board and the membership for ignoring this discrepancy. The club needs 1,000 members to break even, he said; after a membership drive, it has 625.
The club used to have three Sargents, but in 2000 it sold the one seen at the left, which portrayed the club’s founder Edwin Booth.