My college does this as well. It's been happening since 1940 [1], so 79 years, longer than Cambridge. More info in [2]. The collection even includes some works by Picasso.

It's very popular here — students camp out overnight to maintain their spot in line, and the art up for rental tends to run out quickly.

[1]: https://www.oberlin.edu/news/art-rental-behind-scenes-look

[2]: https://www.oberlin.edu/news/visionary-behind-art-rental