NYRA to auction paintings

The New York Racing Association has decided to sell 15 paintings through a public auction in December, the Associated Press reported.

The paintings, which have been donated to NYRA over the years by horse owners, will be auctioned on Dec. 2 at Sotheby's auction house in New York City.

According to the Associated Press, NYRA's president, Charles Hayward, said that NYRA is selling the paintings to raise cash for the association, which lost $15 million in 2004 and $22 million in 2003. The association is also attempting to sell 80 acres of land near its Aqueduct racetrack. The property is expected to bring at least $15 million.

Members of a state oversight board have said that NYRA would need approval from the New York State Racing and Wagering Board and the legislature before the land sale could go through.