Some colleges and universities are selling art to put the cash to use. Colby’s agreement with Peter and Paula Lunder, who recently donated their major collection of art, focuses on the collection’s use. “‘The Lunders were most interested in having assurances that the collection will be used for our teaching mission,’ Mr. [William] Adams says. ‘They are making this gift with an enormous personal attachment to the collection, and wanted to be convinced that we’ll care for it.'”