The courts have allowed the school to sell a 50 percent stake in the collection to the Crystal Bridges Museum of American Art in Bentonville. The financially strapped Fisk gets $30 million.
Fisk said Friday the 101-piece collection donated by the late painter Georgia O'Keeffe will be rotated every two years.
A Nashville judge approved the final details.
O'Keeffe had stipulated that the collection never be sold. A legal battle lasted more than a decade.
The state had fought to keep the collection in Nashville. State lawyers argued that allowing the deal would have a chilling effect on future donations because O'Keeffe's stipulations were not followed.