THE SCAVENGERS ARE SWOOPING AT THE DETROIT INSTITUTE OF ARTS

The embattled Detroit Institute of Arts has received four bids from companies looking to buy part of all of its collection.

The city’s emergency manager, Kevyn Orr, is hoping to implement a proposed bankruptcy plan that would leave the museum’s collection intact and put $816 million in city coffers. Unfortunately,  creditors are still eager to monetize the art, which they suspect is being underutilized by the so-called “Grand Bargain.”

A December appraisal conducted by Christie’s valued the collection at $452–866 million, but that only counted some 3,000 artworks explicitly owned by the city, or about 5 percent of the museum’s total holdings.

By bidding on the institute’s collection, creditors hope to undermine the city’s proposal. They have requested an expedited April 23 hearing with judge Steven Rhodes, who is overseeing the bankruptcy proceedings, asking the city to “cooperate with interested parties seeking to conduct due diligence on the art collection housed at the Detroit Institute of Arts.”

Orr does not seem inclined to bend under such pressure. “We have no intention of selling art,” he fired back in an interview with Reuters. “In a Chapter 9 you cannot compel the city to sell anything, not a park, not a zoo, not the DIA.”

http://news.artnet.com/in-brief/would-be-buyers-offering-billions-for-detroit-institute-of-arts-collection-9533?utm_campaign=artnetnews&utm_source=041014daily&utm_medium=email
Share the postShare on Google+Tweet about this on TwitterShare on TumblrPin on PinterestShare on LinkedInShare on Facebook