CHRISTIES COMPLETES IT’S LOWBALL VALUATION OF ARTWORKS AT DETROIT INSTITUTE OF ART

Christie’s has announced its valuation of the 2,800 artworks from the Detroit institute of Arts.  They believe they are worth between $454 million and $867 million.

Christie’s spent three months determining the collection’s fair market value after Detroit filed for bankruptcy last summer. Its findings were submitted in the long-awaited report to Detroit’s state-appointed emergency manager, Kevin Orr.

The Detroit Institute of Arts is considered one of the top ten art museums in the US. The auction house valued one work, Van Gogh’s “Self Portrait with Straw Hat,” at $80 million to $150 million. Other famous artists’ work appraised by Christie’s included the oil painting “Le Gueridon” by Henri Matisse at $40 million to $80 million, Claude Monet’s “Gladioli” at $12 million to $20 million, and Pierre-Auguste Renoir’s “Graziella” at $1.8 million to $3 million.

Emergency appointed bankruptcy manager Kenneth Orr , who was appointed by Republican Gov. Rick Snyder in March, has said city-owned art in the museum can be considered an asset and could be vulnerable during a bankruptcy, a position that has horrified museum curators and Detroit’s art lovers.  He filed for bankruptcy in July, and federal Judge Steven Rhodes approved the petition Dec. 3.

Orr hired Christie’s this summer for $200,000 to appraise the artwork. Christie’s said pieces bought by the city of Detroit represent about five percent of the museum’s estimated 66,000-work collection.
According to Orr, Detroit’s debt is at least $18 billion, which includes $5.7 billion in unfunded retiree health care obligations and $3.5 billion in unfunded pension liabilities.
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2 thoughts on “CHRISTIES COMPLETES IT’S LOWBALL VALUATION OF ARTWORKS AT DETROIT INSTITUTE OF ART

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