In a letter to then-university president Virgal Hancher, Peggy Guggenheim said she'd be upset if "Mural" was sent to London auction house Sotheby's. She said many museums would love to have the piece in their collections and she would find a new home for it.
Hanchar assured Guggenheim that there were no plans to sell the piece.
Iowa lawmakers are considering a proposal to sell the Pollock piece to fund scholarships. It was valued in 2008 at $140 million.
Current university president Sally Mason has urged lawmakers to reject the proposed sale. A campus rally against the bill is scheduled for Thursday.