Nelson College says it is being forced to sell art works to cope with a mounting deficit.
Headmaster Gary O'Shea says funds from the sale of paintings and books will be used for building repairs and academic projects.
One of the paintings is a portrait of the physicist Ernest Rutherford, the school's most famous pupil.
A collection of books has already been sold for almost $60,000.
Mr O'Shea says money for better education facilities is more important than art on walls.
Nelson College is New Zealand's oldest state school.
