verb (used with object)
to sell (a work of art) from a museum's or gallery's collections, especially with a view to acquiring funds for the purchase of other works.
verb (used without object)
to deaccession a work of art from a museum's or gallery's collections.
a deaccessioned work of art.
Also, de-accession.

1970–75; de- + accession Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
Cite This Source Link To deaccession

sell (art works) from a collection, especially in order to raise money for the purchase of other art works; "The museum deaccessioned several important works of this painter" 
WordNet® 3.0, © 2006 by Princeton University.
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Example sentences
Others survive until overcrowded libraries deaccession and pulp them to make room for fresh publications.
Each deaccession records the permanent removal of an object and/or specimen from a museum property collection.
There also may be items missing from the lot that you will have to deaccession.
Many hospital and academic medical libraries are making or have already made decisions to deaccession print journal collections.
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