Donors pledge $330 million to save Detroit art museum collection. In a photo from Tuesday, Dec. 10, 2013 at the Detroit Institute of Arts in Detroit, the Detroit Industry Murals by the Diego Rivera are seen in Rivera Court at the DIA.
Bankrupt Detroit’s ability to retain or protect art masterpieces bought with taxpayer dollars during better times could come down to the generosity of strangers. New York auction house Christie’s is expected this week to hand over its final report on the value of about 3,200 city-owned pieces at the Detroit Institute of Arts to state-appointed emergency manager Kevyn Orr. (Carlos Osorio/AP) By Katherine Boyle January 13, 2014 A group of national and local philanthropic foundations have pledged $330 million to bolster Detroit’s municipal pension funds and help protect the Detroit Institute of Art’s collection from a sale to creditors, according to federal mediators involved with bankruptcy proceedings.
The Ford Foundation, the John S. and James L. Chief U.S. Detroit Rising: Life after bankruptcy. One year after a federal judge approves Detroit's bankruptcy exit plan, progress has been made while looming challenges remain, especially city pensions The City of Detroit has more than enough cash to pay its daily bills.
Thousands of busted streetlights have been replaced. Museum History — The Detroit Institute of Arts. Print Page We invite you to learn more about our past and the exciting things to come.
The DIA. Let yourself go! A brief history. Detroit Bankruptcy Filing Raises Big Questions. Detroit has long been a watchword for urban decay, with vacant lots, high crime rates, and serious financial problems defining the city’s image.
But Thursday’s bankruptcy filing raises many questions, beginning with its legitimacy. Many people in the Democratic city, where more than eighty per cent of the residents are black, believe that it represents an undemocratic political gambit by a Republican-controlled state government. The immediate question is whether a judge will block the bankruptcy petition, which was filed in federal court by Kevyn Orr, the city’s “emergency financial manager,” who earlier this year was appointed by Michigan’s Republican governor, Rick Snyder.
Orr had been threatening this move for months, and, after negotiations with the city’s pension funds and bondholders broke down, he followed through. On the face of it, that seems unlikely to happen, but there are some extenuating factors. Another question is whether the bankruptcy filing was truly necessary. The future of the American city. Once, Americans fled inner cities for a suburban paradise.
Now an urban revival is making the suburbs the home of the poor ©Spencer Lowell Shortly after Barack Obama was inaugurated in January 2009, Rip Rapson, head of the Kresge Foundation, a Michigan-based family endowment, got a call from a senior White House official. The topic was the economically blighted city of Detroit. Many other foundations received a similar message. The story of downtown Detroit’s emergence from the ashes is still too confined to declare the city as a whole in revival.
There may be greater enthusiasm in September when ground will be broken on Detroit’s first streetcar project since the 1950s. “Most people figured out that Detroit needs mass transit to revive,” says Dan Gilbert, founder and chairman of Quicken Loans, America’s third-largest mortgage originator. Audacious as his gamble is, the odds may be turning in Gilbert’s favour. LA landscapes at dusk©Spencer Lowell ©James P.
Technology is also an ally. ‘Grand Bargain’ Saves the Detroit Institute of Arts. The museum’s long-range goal is to raise its endowment to $400 million — by contrast, that of the Cleveland Museum of Art is more than $700 million — to be able to support its annual operations once the county tax expires, eight years from now.
But that goal has been set back by almost two years. “It’s hard to say, but I would like to think that we’d be well north of $200 million now in the endowment, if this hadn’t happened,” Ms. Erickson said of the threat. “We just had our first strategic planning meeting since this all began. How do you plan for the future when you don’t know if you’re going to have a future?” The museum’s future has been uncertain almost from the moment of its founding, in 1885.
And even during good times, such as a $180 million expansion and renovation several years ago, the museum couldn’t seem to catch a break: The discovery of asbestos led to $40 million in extra costs, Mr. In interviews, Mr. Correction: November 11, 2014. Van Gogh for sale? DIA tiptoes into art auction market. The art world is buzzing, albeit quietly, about a prospective, voluntary sale of some Detroit Institute of Arts works — including an 1886 Van Gogh still life.
In the hubbub of Detroit's Chapter 9 bankruptcy, the prospect of selling off the DIA's collection was a key controversy. Selling even one painting to satisfy creditors or fund operations, DIA officials said then, could destroy the DIA's standing in the museum world. The DIA triumphed when the so-called "grand bargain" ensured the museum would remain intact last year.