(a) In this chapter:
(1) ARTS AND CULTURE DIRECTOR means the director of the office of arts and culture of the city or a designated representative.
(2) COLLECTIBLE PROPERTY means an item of personal property owned by the city under the care and control of the Dallas Museum of Art originally acquired for exhibition, collection, or study, including, but not limited to, any work of art, antique, memorabilia, rare object, art education material or display, or other item of lasting interest or value.
(b) Collectible property owned by the city under the care and control of the Dallas Museum of Art may be sold, exchanged, or otherwise disposed of in accordance with this section.
(c) All sales of collectible property must be under the direction and control of the arts and culture director, who shall function for this purpose in the place of the director.
(d) The arts and culture director shall sell, exchange, or otherwise dispose of particular collectible property designated for sale by the Dallas Museum of Art by one of the following methods:
(1) public auction;
(2) silent auction (public sale by unsealed written bids); or
(3) sale by sealed bids from one or more interested person.
(e) A sale of collectible property may be held at any city, place, or location determined advisable by the arts and culture director.
(f) The arts and culture director may accept collectible property of at least like value in exchange for collectible property if, in the judgement of the arts and culture director, it is in the interest of the city to do so, and if an offer of exchange constitutes the highest bid for collectible property to be sold.
(g) The arts and culture director shall sell collectible property to the highest bidder. The arts and culture director's decision as to the sufficiency and acceptance of the highest bid is final and no further approval is required.
(h) The arts and culture director shall deposit all proceeds received from the sale of collectible property to the credit of a fund designated for that purpose.
(i) Proceeds of a sale of collectible property must be used by the Dallas Museum of Art to purchase other collectible property, such acquisition being of similar type and identified in the name of the original donor whenever feasible. Proceed of an exchange will be placed directly in the collection of the Dallas Museum of Art.
(j) The Dallas Museum of Art will preserve in its permanent files a record of all collectible property sold or exchanged and will record the source of funds or collectible property used to acquire other collectible property with proceeds of a sale or an exchange.