The Tennessee Court of Appeals ruled on Tuesday that Fisk University can sell its Stieglitz art collection to a museum in Arkansas.
The arrangement with the Crystal Bridges Museum of American Art will bring $30 million to the financially strapped college.
The art collection was given to the university by famed artist Georgia O'Keefe more than 50 years ago.
Fisk has been attempting to sell the artwork since 2004.
University officials previously said the school could be forced to close without the sale of the paintings.
Fisk, founded in 1866, is the oldest university in Nashville and one of the oldest historically black colleges in the nation.
- May 10, 2011:Tennessee appeals proposed sale of Fisk art
- Nov. 4, 2010: Judge says Fisk can sell part of art collection
- Sept. 14, 2010: Judge rejects state's plan to move Fisk art
- Sept. 14, 2010: Fisk student protest moving donated art collection
- Sept. 10, 2010: Tenn. AG proposes taking O'Keeffe art from Fisk
- Aug. 20, 2010: Judge rejects Fisk deal to sell O'Keeffe share
- Aug. 15, 2010: Fisk freshmen worry about future
- Aug. 13, 2010: Testimony centers on proper home for Fisk art
- Aug. 12, 2010: Fisk says art sale vital to university's survival